Despite the Harsh Economy, Bitcoin Miners Are Doing Rather Well

Live Bitcoin News
Live Bitcoin News September 14, 2020
Updated 2020/09/14 at 10:23 AM
4 Min Read

Here’s an interesting notion. On paper, bitcoin and crypto miners have appeared to be suffering as of late. The industry has fallen into a pit of blackness following the spread of the coronavirus pandemic as it is not considered a “necessary” field the same way restaurants and grocery chains are.

Bitcoin Miners Earned a Lot of Money Last Month

And yet in August, according to a new report, bitcoin and cryptocurrency miners have allegedly made well over $300 million. Despite the pandemic, despite all the harsh economic conditions that the world is facing right now, miners did rather well for themselves, garnering over $360 million.

How can this be? Over the past few months, bitcoin mining firms have been faced with shutdowns and other problems that have allegedly prevented their operations from maintaining regularity. Companies such as Riot Blockchain have said that their daily operations have been under the harsh boot of the coronavirus since it first spread throughout the United States. The company claims to have suffered financially, and it’s unclear when executives will be able to reach full capacity again.

In addition, other firms – such as Digital Farms in California – have been forced to shutdown completely. At least Riot Blockchain has stayed open throughout this entire period. Digital Farms and others have been made to close their doors indefinitely while things eventually get straightened out.

These companies are not considered essential businesses, and many miners have been forced to shut off all their equipment and work remotely. From a financial and business perspective, the mining industry should not be doing as well as it is, and yet for one reason or another, things appear to be picking up in the mining space more than ever.

Perhaps one of the biggest reasons why the mining industry is doing so well as of late is the fact that many new buyers are entering the bitcoin and crypto trading worlds. These buyers are now looking to get their fingers on new bitcoin units as a means of protecting themselves and their wealth from inflation and other harsh economic circumstances that require new assets and new methods of money other than failing forms of fiat.

The Crypto Industry Is Growing in Popularity

These new coins have to be extracted from somewhere, and the only people with the technology and the know-how to do this are miners, so despite being considered “non-essential,” there are enough still in business to ensure that bitcoin survives this new wave of economic fear that has struck the hearts of traders everywhere.

Many now see bitcoin as a method of hedging their wealth against some of the toughest economic situations out there. They consider bitcoin as a valid way of keeping their money intact while their nation gets back on track, and as a result, it looks like trading has increased to unprecedented levels in the past few months alone.

The post Despite the Harsh Economy, Bitcoin Miners Are Doing Rather Well appeared first on Live Bitcoin News.

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