Not only was 2022 one of the most brutal years for us as investors, but it also was deadly for Bitcoin miners. Yes, due to lower prices and rising electricity costs many miners were actually taking losses while mining throughout the whole year and had to even sell a lot of their equipment. But the mining industry showed perseverance and endured all of that pain.
Now as prices have gone higher, also the hash-rate of Bitcoin has been breaking ATHs nearly through the entire years with just very few setbacks.
Bitcoin Hashrate chart showing a comparison between 2020 and right now, picture from analyst James V. Straten
This kind of a parabolic growth was actually quite expectable and the whole situation right now seems to be mirroring 2020 during the pre-Halving period, just as now. Just as currently, the BTC hash-rate also experienced an explosive growth in anticipation of the next Halving.
This just so happens to show that even after a 2022 bear market that in many ways was longer and more brutal than the 2018 bear market, miners are still unfazed and continue to push up the Bitcoin network. With that kind of perseverance, it is certain that they will survive each and every crisis.