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Bitcoin mining profitability plunges as power prices rise on higher demand

December 1, 2023 Comments Off

Bitcoin mining profitability rates plunged across Europe as an end-of-November cold snap pushed day-ahead power prices higher due to rising demand, S&P Global Commodity Insights data showed. Bitcoin Renewable Quarq Spreads in Germany and France fell to negative Eur90/MWh as French power demand hit 70 GW. Meanwhile in Germany coal and lignite output ramped up to 27 GW to meet…