Last Updated: 25 June 2022
The bitcoin price has now fallen lower than most analysts expected, and things are not looking good at the moment. Everyone had too high expectations of the bull market, and that has put some big players like 3AC, Celsius, BlockFi, and Voyager Digital in trouble.
Bitcoin miners are also struggling due to the low price, but Todd Esse from HashWorks is optimistic about the future.
Current Rates are an Opportunity
Bitcoin is currently trading below its Realized Price, the average price at which all bitcoin last exchanged addresses. We have even dipped below the all-time high of 2017, and the hashrate is plunging.
Todd Esse, HashWorks CEO, believes the current prices represent a huge opportunity and bitcoin mining is still an attractive investment if you have long-term goals too.
Buy Bitcoin or start mining? HashWorks CEO points to ‘attractive investment yield’ in BTC mining
Bear markets are for building, which is exactly why HashWorks CEO Todd Esse says BTC’s current pricing presents an opportunity for retail investors and industrial mining companies. pic.twitter.com/i3OPlkNVGp
— Alice (@Alice02089828) June 24, 2022
According to Esse, most of the energy contracts miners have entered into have not been concluded in the way big players in the energy industry are supposed to. “We’ve seen this movie before, haven’t we? Easy money combined with poor discipline produces a risk profile in imbalance.
Good time to start
According to Todd Esse, periods like this mark a good time to start mining. “Our only focus is to take advantage of the opportunities that come along at the moment,” Esse told Cointelegraph.
With a budget of $1 million, Esse would currently choose to invest only in bitcoin. According to the CEO of HashWorks, the prices of ASICs are still too high at the moment, and he indicates that the era of home mining is over.
The latter is mainly due to the new dynamics in the energy industry. Todd says, without the right energy contracts, it is practically impossible to get involved in this market. Only with parties like Compass Mining or other cloud-miners does he see an opportunity for individuals.