Coinbase went public with a highly anticipated listing in 2021, but as the crypto market crashed, the company’s share price dropped by more than 80%. Now it’s working to diversify its revenue. WSJ’s Paul Vigna explains what went wrong. Illustration: Jacob Reynolds
There’s a fire sale on bitcoin-mining hardware.
The most efficient bitcoin-mining machines are selling for 77% less than last year. The machines, used to process transactions, currently cost about $24 per 100 “terahashes,” a measure of the machine’s computing power, according to mining-services firm Luxor Technology Corp. Last year the same machines cost about $106.
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