Hash Rate Index analysts predict major trends in Bitcoin (BTC) mining in 2023.
As predicted by Hash Rate Index Bitcoin analysts Jaran Mellerud and Colin Harper, minimizing the cost of mining Bitcoin (BTC) will likely lead to public miners going private or merging with other companies by 2023.
Indeed, 2022 was the perfect storm for Bitcoin mining companies.
“2023 is here and we can finally put the terrifying Bitcoin mining year 2022 behind us.”
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— Jaran Mellerud (@JMellerud) January 3, 2023
What will miners focus on this year? 10 Bitcoin mining predictions
Either way, according to industry analysts, after an impressive year for Bitcoin, public miners will focus on strengthening their balance sheets and cutting costs this year.
“We are all curious about what this new year will bring for the Bitcoin mining industry.”
Specifically, this is the list of Bitcoin mining predictions for 2023, presented by Jaran Mellerud and Colin Harper:
Bitcoin bear market ends. However, a full-scale bull market won’t begin until mainstream financial firms are ready to invest in Bitcoin, which will take another year or two.
Bitcoin hash rate growth will slow down. Because the poor mining economy in 2022 hasn’t spurred capacity expansion.
The number of public miners will decrease. When they go private or merge.
House prices will go down. As the infrastructure is deployed.
Cost minimization will be key in 2023. Electricity is the most important part of a mine’s operating cost structure and will obviously be the top priority to minimize.
5 other predictions
ASICs are getting very cheap.
Miners will have a hard time getting enough uptime. Some miners who work at relatively high wages are likely to have to shut down their machines more often than they would like.
Regulators will continue to target Bitcoin mining. We will likely continue to see some US states and Canadian provinces enact new mining bans.
Mining companies must work to strengthen their balance sheets. Analysts are confident that strengthening balance sheets will be a top priority for Bitcoin miners in 2023 as they struggle to avoid bankruptcy.
Miners will increasingly use Bitcoin mining derivatives. “We will see the beginning of a trend of miners trying to discover anything that can be discovered. Just as you’d expect in more mature commodity industries.”
2023 will be a long and difficult year
Now, for Foundry CEO Michael Colyer, 2023 will be a challenging year for the industry as it survives the cryptocurrency winter. He predicts 2023 will be a “long and difficult” year for Bitcoin mining. He also notes that the efforts over the next year “will dominate the headlines.”
Sure enough, for Colyer, 2023 will be a year where the bear market will continue. But he notes, “We’ve been through a lot of crypto winters.” For this reason, the boss urges to “keep your head down and keep building.”
Therefore, although Bitcoin mining is in a difficult situation and several companies are on the verge of collapse, Michael Colyer is convinced that there are many people who want to invest in cryptocurrency mining, but who “don’t know how to navigate this space “.
In conclusion, Jaran Mellerud and Colin Harper state, “Tough times make strong Bitcoin miners. We believe this old wisdom is correct as the industry will rise from the ashes stronger than ever.”
