Public Bitcoin Miners Have Shed $14 Billion In 2022, But There’s Bullish Upside
Bear market woes continue for miners as bitcoin’s price sits 70% off its record highs. But hope springs eternal.Public mining companies are entering the final quarter of 2022 battered and bruised after nine months of bear market brutality. At the end of Q3, the total market values of all U.S.-listed mining companies dropped by over $14 billion from the start of the year, according to data compiled from YCharts. Whether the year’s end will offer a respite for these companies is a very open question as the headwinds from macroeconomic tumult seem unabated in the face of historic inflation....
Related News
The market value of Bitcoin dropped and was at roughly $605 billion at the end of May. BTC is currently trading below the $50,000 mark because of the bearish stance of the market. Last month, Bitcoin was beaten to a bloody pulp with the crypto market crash, triggering the top crypto’s market value drop. And it’s not just the crypto that bore the brunt of the pounding. Other popular cryptocurrencies had the same fate. But if you look at the good parts of a bad situation, BTC remains the king in terms of market cap in June 2022. The coin has concluded May with a market cap of $605.8....
Data shows the public Bitcoin mining companies have plans to expand their hashrate by around 50% by the end of the year, Public Bitcoin Miners To Add 27 EH/s To Their Hashrate In Remaining Part Of 2022 As per a post from Arcane Research, the combined hashrate of these miners will reach around 80.7 EH/s […]
In the world of Bitcoin mining, the concept of decentralization versus centralization has been a subject of ongoing debate. Recent data from Hash Index has shed new light on this discussion by revealing that public miners make up just 28% of Bitcoin’s global hash rate. This statistic challenges the notion that miners hold central control […]
Miners of both Bitcoin and Ethereum are still thriving regardless of the crypto winter. The revenue generated by Ethereum miners surpasses that of Bitcoin miners, according to the 2022 record. The growth of the miners is quite surprising given the increase in the cost of electricity. But all that might come crashing down very soon. There’s growing concern that the upcoming merge will put ETH miners out of their jobs. This can be traced to the effect of the asset’s merge on the operational mechanism of the network. Related Reading: TA – Polkadot Price Shows Strength, Eyes $10....
After the continuous sink in the mining profitability of both digital assets year-on-year, Bitcoin miners have been set back to seats as Ethereum miners consecutively surpassed them in mining revenue and recorded a gap of $224 million in April 2022. This month was not so good for Bitcoin miners as they were able to generate around $1.16 billion only. Notably, this figure is down by $44 million from the previous month’s mining revenue of Bitcoin. The last month saw $1.7 billion in recorded income. Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K....