Bitcoin mining is on the upswing after a rough 2022, writes CoinDesk analyst George Kaloudis. The bear market that weakened prices and publicly traded miners’ shares has eased this year. Cryptocurrency mining is now mostly healthy. The hashrate of the Bitcoin network, a measure of the amount of computing power used to operate the network, shows the abundant capacity with which to run a world-class cryptocurrency network. As of July 21, the bitcoin hashrate was 400 exahashes per secondwhich is a five-fold increase from June 2021. And a number of miners have returned to reporting healthy margins, especially those with access to cheap energy, such as TeraWulf (WULF) and CipherMining (CIPHER), whose gross margins exceeded 60% in Q1 2023 (see below).