but but... difficulty... because China energy crisis, no?
no and yes.
simple enough
you have 6600 watts
you can run a btc miner and make 40 bucks
you can run an eth miner and make 300 bucks..
i cut you to 3300 watts which miner gets turned off.
now scale that up and expand it to bitmain
they build eth miners
they build btc miners
they build ltc/doge miners.
they land three super big cloud deals in january and are very likely the worlds largest mining farm for their
eth farm ——-sorry
ltc/doge farm—— sorry
btc farm——- not sorry as btc is the subject.
so china cuts power to them.
they can not run all the gear ⚙️
but wait simply turn off ten 3300 watt btc miners and turn on 1 extra 3300 watt eth miner.
so they spend 3300 watts and earn 300-330 in eth
rather then spend 33000 watts and earn 300-330 in btc.
they then buy btc with the excess eth.
and pay the btc cloud miners off.
the bad side is super high fees for btc. and super high fees for eth.
of course it cause fear in some hodlers and they sell.
I think this is going to continue for 6-8 days.
Next adjustment may help fees.
I apologize for mentioning the other coins as most do dont want to hear about them.