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The price volatility of the crypto assets has concerned a lot of crypto enthusiasts and interested parties. A few days back the flagship cryptocurrency dropped to the $35k price mark after successfully reaching $38,000.
After a temporary price correction, the price of the crypto king is back in the $38k region. It is now trading at $38,773 (at the time of writing).
The crypto space has always been volatile as the prices of digital assets fluctuate a lot. In 2022, this volatility has caused many global operations to sell their BTC holdings to create secure cash reserves.
However, it has been reported that despite the price fluctuation the Bitcoin miners in the USA are planning to continue mining operations and expect to double their capacity during this year.
The VP of corporate communications at Marathon Digital has also recently stated that crypto assets are possibly the future of the “global monetary system”. This is why the firm is planning to deploy approximately 199,000 new machines by the year 2023 to secure digital assets.
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Optimism of BTC Miners in the USA
The prices of digital assets undoubtedly fluctuate a lot. However, as per reports, the miners of Bitcoin are not worried about it.
Instead, BTC miners based in the USA aim to boost the mining operations and use more hardware to increase their hash power. This has come as a shock for many as the crypto king’s price movements have not been very bullish over the last few months.
GEM Mining and Marathon Digital Holdings are two companies in the USA that aim to increase their mining operations by doubling the number of machines at the facilities by the end of 2022.
According to the CEO of GEM Mining, the company is looking to have approximately 32,000 new miners online by the end of this year.
While the market volatility made everyone skeptical about crypto investing, Marathon Digital has a different approach, according to which:
“We can’t control the price of BTC, but we can control how we react to the market. We believe we are in a position to act opportunistically.”
The CEO of GEM Mining, John Warren, has a slightly different yet optimistic approach as well.
According to Warren, the efficiency of GEM’s operations will improve once the crypto bills in Illinois and Georgia are passed. The Illinois bill will offer tax breaks for the facilities that mine crypto, whereas, the bill in Georgia will reduce the taxes on the electricity that is used to mine crypto.
Warren also stated:
“Energy is one of the most significant inputs for mining operations, and tax breaks that exempt the sale or use of electricity can assist with reducing overhead costs and maintaining cash flows.”
Both the companies do acknowledge that the price of BTC can go through a lot of disturbance in the next few months. However, the aim of the companies is to reduce the risks and develop a way that allows them to move through even if the markets are unstable.
Warren also believes that the bearish sentiment in the market is only temporary as he stated:
“I anticipate there will be continued investment in bitcoin and the larger crypto space, regardless of short-term volatility.”
What Should New Crypto Investors Know?
The volatility of the crypto market often causes people to take a step back from digital currencies. However, entities that have been in the crypto space for a long time are quite familiar with this volatility and are not fazed by it.
This can indicate the significance of digital assets that are believed to be the future of the financial system all over the world.
While this cannot be said with complete certainty, it is visible that the crypto assets are undoubtedly significant.
Therefore, if you want to start investing in crypto and purchase BTC, then make sure you choose one of the lowest fees Bitcoin exchanges in the market.
As a beginner, looking to buy Bitcoin or Ethereum, you can also click on SwissBorg or Kraken (U.S. citizens).
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