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September 26, 2023

Bitcoin Miners Pivot To Other Areas In Quest To Diversify Earnings: JP Morgan

In the wake of the recent Bitcoin price declines, cryptocurrency miners have increasingly been turning to other areas of their business in order to diversify their earnings and limit their exposure to the volatile price of Bitcoin. According to a report by JP Morgan, Bitcoin miners are now turning to cloud computing, data storage, and other services to supplement their income. These services are becoming increasingly popular for Bitcoin miners as they allow them to reduce their reliance on the cryptocurrency market and hedge their risk. JP Morgan estimates that up to 30% of Bitcoin miners’ revenues are now coming from alternative services, such as providing storage and computing services. This is up from just 10% in 2018 and is likely to continue to rise as violence in countries such as Venezuela drives more miners away from the Bitcoin business. By providing these services, miners are now able to diversify their income streams and reduce their exposure to the crypto market. This could be a particularly attractive option as the Bitcoin price continues to remain volatile and unpredictable.