Some bitcoin miners have suffered amid the recent market turmoil, but here's why it may be a boon in the long-term
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Quick Take
- Some crypto miners felt the financial burn during the recent bitcoin price crash – at one Chinese lending desk, as many as 90% of miner clients got margin called
- As some miners were forced to shut down their equipment, network hashrate has dropped, triggering a 15% to 16% correction in network difficulty that’s expected to take place on Wednesday
- However, some industry participants believe that the current situation may be a long-term boon for the mining market.
The crypto market's recent turbulence has hit the mining industry hard, especially those who have borrowed ahead of this year's reward halving. However, not all hope is lost.
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