Quantum Blockchain releases report on publicly-traded crypto miners
By Josh White
Date: Wednesday 22 Mar 2023
(Sharecast News) - Cryptocurrency technology developer Quantum Blockchain Technologies released a report analysing the financial performance of the world's leading publicly-traded Bitcoin mining businesses on Wednesday.
The AIM-traded company said the report, titled 'BTC 2022 Mining Industry: Main Listed Miners', contained several key findings, including an unexpected inverse relationship between the price of Bitcoin and the technical difficulty of mining during 2022.
As the price of Bitcoin fell, mining became more difficult and expensive for miners.
The report also included an analysis of the performance metrics of the nine largest publicly-traded Bitcoin mining companies, ranking them based on their 2022 mining output.
Bitcoin, the largest cryptocurrency in the world, lost almost 65% of its market value during 2022.
"For Quantum Blockchain Technologies, the research underpinning this report is part of the company's fundamental analysis to discern important economic drivers of today's Bitcoin mining industry," the board said in its statement.
"QBT sees significant opportunities for new technologies, including those being developed at the company, to improve the operational performance and financial return of Bitcoin mining hardware."
At 1628 GMT, shares in Quantum Blockchain Technologies were down 9.1% at 1.98p.
Reporting by Josh White for Sharecast.com.
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