Crypto miners must draw on increasingly large amounts of computing power as they compete against others to solve the complex mathematical equations to build the blockchain and earn rewards in the form of new digital coins. — Reuters
The old image of Bitcoin miners is of young techies in their bedrooms, hunched over laptops that solve maths puzzles to earn new coins. Now they're more likely to be savvy startups with ultra-high-speed chips and massive, power-guzzling machines.
And, in a new development, they're beginning to look to financial derivatives to hedge against the wild swings in their electricity needs that can turn profits to dust.
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