2022 was a watershed year for Bicoin mining, mostly for hard-to-stomach reasons. 2021's bull market flushed the Bitcoin mining industry with gobs of capital and new participants. As the industry has become increasingly institutionalized and intertwined with traditional finance and energy sectors, there's never been as much interest in Bitcoin mining, nor has there ever been as much money on the table – and by the same token, there's never been as much to lose.
That's why 2022's bear market hit so hard. Hashprice hit an all-time low in November. New-gen ASICs exited the year at all-time low valuations. Many Bitcoin mining stocks fell more than 90%. North America's leading hosting providers went bankrupt. Acquisitions and asset sales became a prevailing theme. Riches gained in the bull market were lost. And for however tough 2022 was, 2023 could be tougher still.
We cover all of the above – and much more! – in our 70 page year-end report, which you can download below. If you find the report useful, please share and feel free to give us your feedback!