Buy Bitcoin or mine it? HashWorks CEO Todd Esse chooses the latter

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.

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.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

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