The bitcoin mining industry appears to be getting back on its feet after a long crypto winter that saw major bankruptcies and fire sales.

Even though mining economics have improved only marginally as bitcoin trades above $20,000, capital is starting to flow into the sector once again.

“This shows that investor sentiment is still largely driven by BTC price action rather than mining fundamentals,” Ethan Vera, chief operating officer at Luxor Technologies, a crypto mining-services firm, said.

Meanwhile, lower energy costs in the last few months have also given miners some breathing room.