Bitcoin miners have been under duress for more than a year and even with BTC price trading at $24,000, BTC mining stocks could still face challenges throughout 2023.
Bitcoin mining revenue jumps up 50% to $23M in one month
As Bitcoin remains well-positioned for a steady recovery, the mining industry witnessed a 50% growth in revenue in terms of US dollars.
Bitcoin hash rate taps new milestone with miner hodling at 1-year low
Data shows that Bitcoin miners’ BTC reserves are at their lowest since December 2021, despite a dramatic hash rate renaissance.
BTC metrics exit capitulation — 5 things to know in Bitcoin this week
Bitcoin retains higher levels after gaining 40% or more this month, but concerns of a BTC price correction are never far away.
US will see new ‘inflation spike’ — 5 things to know in Bitcoin this week
Bitcoin starts 2023 with a whimper as volatility stays absent and BTC price tips favor fresh downside to come.
Rewind 2022: A crypto roundup of the year and stepping into 2023
While 2022 proved catastrophic for investors across traditional and crypto markets, the crypto ecosystem’s potential has shined through the cracks of inflation and centralized custody of assets.
Bitcoin mining pool BTC.com reports $3M cyberattack
BTC.com, the seventh-largest Bitcoin mining pool, said that its client fund services were unaffected by the recent $3 million cyberattack.
Litecoin Continues To Surge As Hash Rate Records New ATH – How About LTC Price?
Litecoin (LTC) was among the few bright spots for the crypto market which had to endure the negative effects of the collapse of the FTX exchange platform.
In the midst of one of the worst implosions that the space has ever witnessed, LTC momentarily became vulnerable, plummeting all the way down to $49.58.
But the cryptocurrency stood its ground, though, while the likes of Bitcoin and Ethereum were sent crashing to various monthly lows and eventually commenced its own rally to close November on a high note.
As a result, Litecoin exited last month with an index price of $76.52 and registered an impressive jump of 24% within a 30-day period.
The altcoin is also performing well during the first days of December. At the time of this writing, according to tracking from Coingecko, the digital coin is changing hands at $83.11, with an uptick of 10.8% in the last seven days.
Litecoin Has A Healthy Blockchain But Holders Failed To Make Profit
Aside from the sustained surge in trading price, LTC is also witnessing positive developments in other areas.
For instance, according to data shared by CoinWarz, the asset’s mining hash rate has once again hit another all-time high, peaking at 613.81 TH/s.
Within four months, the Litecoin blockchain has recovered from the decline it experienced back in July, rallying by 64%.
Image: Cryptotelegram
Moreover, as of December 3, the DeFi network has established its highest difficulty level since going online, recording a block height of 2,379,925. The average difficulty of Litecoin blockchain translates to a value of 19.52 million according to Messari.
Meanwhile, profitability was one gray area for the altcoin, as most of its holders were unable to make profit from their investment during the previous month.
As of November 30, LTC had a 30-day moving average of -149,000 for its Network Realized Profit/Loss (NPL). In addition, during the same time, Litecoin had a -28% Market Value to Realized Value (MVRV) ratio.
This indicated that despite the crypto experiencing price growth, in November, some of its investors still held at a loss.
Price Decline Could Happen For LTC Within Next Few Days
Although LTC managed to block the effects of the crypto market meltdown that was triggered by the FTX implosion, there is a possibility that the asset may experience price correction soon.
According to the forecast of online cryptocurrency information provider Coincodex, this could happen within the next five days with LTC losing almost 8% of its value to change hands at $76.33.
Moreover, 30 days from now, the crypto is expected to recover a bit and trade at $80.75, although this value is also lower than the current one it has.
LTC total market cap at $5.9 billion on the daily chart | Featured image: InsuranceHub, Chart: TradingView.com
Bitcoin mining revenue lowest in two years, hash rate on the decline
The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500.
Iris Energy to cut mining hardware after defaulting on $108M loan
The Australian mining firm has had to unplug hardware that was producing “insufficient cash flow” to service its “debt financing obligations.”
New Bitcoin Yardstick metric says $20K BTC now ‘extraordinarily cheap’
Only once before has BTC been such good value versus hash rate — and that was long before even the 2017 all-time high.
Record hash rates may see Big Oil become a major BTC mining player
Big Oil’s influence over the Bitcoin network is growing stronger due to surging hash rates and distressed mining companies.
Bitcoin price due sub-$20K dip, traders warn amid claim miners ‘capitulating’
Miners may hit pause on the good times for BTC price action, according to one theory, as the weekend promises support tests.
Public Bitcoin miners’ hash rate is booming — But is it actually bearish for BTC price?
Efforts to keep Bitcoin mining operations afloat may end up pushing the spot BTC price even lower.
Least volatile ‘Uptober’ ever — 5 things to know in Bitcoin this week
October 2022 has yet to prove itself as analysts predict “wild” Bitcoin price volatility for November.
Bitcoin’s discount to hash rate highest since early 2020 — Mike McGlone
The senior commodity strategist is bullish on Bitcoin, revealing on Oct. 18 that its relative discount to hash rate has hit levels not seen since the first quarter of 2020.
Not a minor adjustment: Bitcoin mining difficulty soars 13.5% to new ATH
There is no bear market for the builders of the Bitcoin network as more and more Bitcoin miners are joining the network, driving up the difficulty.
Top 3 reasons why Bitcoin hash rate continues to attain new all-time highs
Bitcoin miners continue to take advantage of the falling GPU prices to upgrade their mining equipment as they aim to remain competitive in the fierce competition.
What is Bitcoin hash rate and why does it matter?
Cryptocurrency’s hash rate measures a blockchain network’s processing power to process transactions.
Bitcoin price plummets while miner hash rate soars to all-time highs
The overall security of the Bitcoin protocol, or hash rate, hit a new high of 158 exahash per second despite the price being down over 50% year to date.