This year hasn’t been kind to Bitcoin miners as the invasion of Ukraine in February 2022 triggered a global energy crisis, pushing mining costs through the roof. In addition, the collapse of Luna in June tanked Bitcoin’s price to a two-year low, wiping out the little profitability miners had left. After a challenging summer with…
The crypto industry has always been highly volatile, but few could have predicted the turmoil it experienced in 2022. This year has been unprecedented for the industry, with every aspect affected by the collapse of Luna and FTX. Aside from retail investors who took considerable losses in these black swan events, Bitcoin miners remain the…
Bitcoin’s highly volatile price has devastated the majority of the crypto market and is now dragging miners down with it. While often considered the foundation of the Bitcoin network and its most resilient players, miners are suffering from rapidly decreasing profit margins. Bitcoin mining difficulty currently stands at just 1% below its all-time high and…
JPMorgan Chase & Co. strategists said that Bitcoin’s (BTC) cost of production is down by almost half to $13,000 presently from $24,000 at the start of June, Bloomberg News reported July 14, The Nikolaos Panigirtzoglou-led strategists wrote that this decline in production cost is primarily due to the reduction in electricity use. The Cambridge Bitcoin…
Despite the decline in mining difficulty, Bitcoin (BTC) miners are facing harsher conditions in the market due to the rising costs of energy and hardware, Coin Metrics’ special State of the Network reveals. Coin Metrics said that the BTC mining hash rate has been stable despite the price decline. Hash rate is the computational power required…
Despite the total ban on cryptocurrencies in China, which makes it illegal for anyone to mine bitcoin within the country, several bitcoin miners still have their shops open under the radar. Recall that following the enforcement of a recent law against any crypto-related activity in the country, including mining, the country recorded a mass exodus…