Bitcoin mining industry’s daily revenue plummeted to $18 million from a peak of $62 million in November, as the crypto's price crashed.
Many bitcoin miners, who expanded operations in 2021 to capture more profits, are now struggling as the crypto’s price crashed.
“The... Many bitcoin miners, who expanded operations in 2021 to capture more profits, are now struggling as the crypto’s price crashed. “The biggest cost historically for bitcoin miners has been their energy source,” Sami Kassab, analyst at Messari, said in a recent interview. As energy prices rose, while bitcoin BTCUSD fell more than 70% from its record high last November, “that right there has left a lot of miners finding themselves in the unprofitability,” Kassab said.
Bitcoin’s hashrate, which measures the total computational power used to secure the network, has been growing with more machines coming online. In response, the Bitcoin network, by its design, increased its difficulty level, making it harder for miners to get rewards.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad – Mining Bitcoin NewsThe Central Bank of Russia would agree to the legalization of crypto mining, provided the proceeds are converted to fiat outside the country.
Read more »
Bitcoin.com NewsBitcoin News is the world's premier 24/7 news feed covering everything bitcoin-related, including world economy, exchange rates and money politics.
Read more »
Forex Today: Bitcoin Bounces BackThe two major cryptocurrencies, Bitcoin and Ethereum avoided major bearish breakdowns which seemed imminent yesterday. forexnews CryptoNews
Read more »
Small Bitcoin Investors Actively Accumulate CryptocurrencyWhile $BTC loses 70% of its value since the ATH of 2021, the number of wallets that hold the first cryptocurrency is rising exponentially
Read more »
Bitcoin price spikes to $20K as whale bought BTC confirms supportMaybe we’ll get some fireworks after all. Bitcoin rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.
Read more »