Bitcoin Back Above $100k, hashrate Rebounds Above 900 EH/s

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In this week’s news roundup, Kelly Greer from Crucible Capital joins to explain trends in the GPU financing and hosting markets – and what ASIC market cycles can tell us about where they might be going. We also cover Alpha’s IPO valuation, the Digital Energy Council’s push against tariffs on ASIC miners, and how Bitfarms is joining other miners in halting hash expansion to focus on HPC and AI infrastructure builds.

Network hash rate has continued to climb back up after dipping below 700 exahashes last week. As of Friday morning, it had returned to around 890 exahashes.

“It looks like we’re going to be closing out the week with a pretty good rebound in hashrate. We saw it dip below 700 exahashes last week, but it seems to be recovering quickly. We should be back above 900 exahashes early next week,” Greer said.

Crucible Capital provides financing and hosting for large-scale GPU miners. The firm began focused on the Ethereum mining sector, but has since expanded to also include other blockchain and Web3 projects.

GPU rental prices also fell again this week, with reported rates now ranging from $1.45-2.10 per hour depending on the tier of service and the specific GPU being used.

“We’re seeing a lot of interest in GPU rentals for metaverse and AI projects, in addition to blockchain projects. We expect to see even more of a shift toward these types of projects in the coming months and years,” Greer said.

Crucible Capital is also a major investor in ASIC mining projects, and the firm’s portfolio includes several large-scale bitcoin and altcoin mining operations.

Greer said that the firm is optimistic about the long-term prospects for both ASIC and GPU mining, and that Crucible Capital is committed to helping its portfolio companies succeed.

“We’re excited to be part of this rapidly growing industry, and we’re looking forward to seeing what the future holds for cryptocurrency and Web3 technologies,” he added.