The Reckoning’ & ‘The Best Time’ to Enter Bitcoin Mining as Firms Diversify Amid Bear Market

Some Bitcoin (BTC) and crypto miners are working to diversify their operations amid the bear market, trying to gain revenue streams unrelated to mining. At the same time, the current market reveals “who has been conservative and who has been ‘apeing’ in,” panelists at a mining discussion agreed.

Speaking in the online panel discussion hosted by European digital asset investment firm CoinShares on Wednesday, Sue Ennis, Vice President (VP) of Corporate Development at Hut 8 Mining, said her firm had already taken steps to diversify its revenue streams ahead of the bear market.

The firm has taken steps such as employing yield generation strategies on BTC it holds in its inventory, earning “anywhere from 2% to 4% on about 2,000 bitcoin [USD 42m] held in inventory, which was great,” per the VP.

In addition, Ennis said the mining firm has secured revenue streams from datacenter customers unrelated to mining through five datacenters it procured.

Source: https://cryptonews.com/news/the-reckoning-the-best-time-to-enter-bitcoin-mining-as-firms-diversify-amid-bear-market.htm