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The combination of rising energy prices and falling cryptocurrency prices has made it much more difficult to turn a profit mining Bitcoin (BTC).
Bitcoin prices have been volatile this year. While the original crypto soared to $69,000 in November 2021, it sank to as low as $17,708 in June before rebounding to its current trading level at around $23,000.
Profitability for Bitcoin mining sank to multi-month lows in July, according to data by crypto tracking website Bitinfocharts.com.
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