Rolf Versluis, the founder of Horizen, a privacy-enabled sidechain platform cryptocurrency, has announced that he will temporarily close his 2.1 MW Bitcoin mining facility.

Versluis, who has been mining Bitcoin since 2016, explained his decision in his article sharing the circular BTC mining philosophy.
According to Versluis, the best time to make money in Bitcoin mining is when the price rises faster than the supply of new mining machines. This creates a gap between hash power supply and demand, allowing miners to earn higher profits. Versluis said that he took advantage of this loophole in 2019 to buy used Antminer S9 and L3+ machines cheaply and to mine Bitcoin and Litecoin until 2022, when they became unprofitable.
But Versluis said he doesn't want to invest in new machines right now because the numbers don't work for him. He estimates that he would have to spend $600,000 to purchase 600 S19 machines, which would currently earn him $36,000 per month.
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