Mining Market: 2022 Overview

2022 started off as a fruitful year for Bitcoin and Ethereum miners, as prices for bitcoin and ether were just slightly below their ATH mania in 2021. However, as the year progressed, many miners soon ran into trouble as global macro and crypto markets collapsed from central bankers’ desperate attempts to maintain control of runaway inflation through various monetary policies and a major escalation in the Russo-Ukrainian war.

Against the backdrop of concurrently occurring major macro events, Ethereum miners also faced an existential crisis when the Ethereum community executed their move to Proof-of-Stake (PoS) via The Merge. As a result, many old Ethereum Proof-of-Work (PoW) mining machines were rendered nearly worthless.