Bitcoin’s price is down roughly 70% from its latest all-time high, and the mining sector is feeling the full weight of the ongoing bear market. Lots of fear, uncertainty and doubt (FUD) often spread far and wide about miners during bear markets, but the data about how these operators are affected and behave in this environment is simple. This article outlines six key data sets that illustrate the effects of the bear market on bitcoin miners and their operations.

Monthly dollar-denominated revenue is a hallmark metric that signals the state of the mining sector. In bearish market conditions, miners expect revenue to drop, and the below bar chart illustrates this is exactly what is happening. Primarily this metric is falling because of a cheaper bitcoin price quoted in dollars. In fact, monthly mining revenue in June is set to record its lowest level in 18 months. From August 2021 to April 2022, moreover, miners enjoyed a comfortable nine-month streak of at least $1 billion in total sector-wide revenue. May ended that streak, and revenue continues dropping in June.





Source link

Leave a Reply

Your email address will not be published.