The firm said it mined fewer coins due to a higher network difficulty, operational issues and the suspension of some operations.
Quality Bitcoin Mining Stocks Offer a Good Way to Gain Exposure to the Next Bull Run: Bernstein
Bernstein expects bitcoin to rise to a high of $150,000 in the 2024-2027 cycle, the report said.
Listed Bitcoin Miners Could be the Ultimate Bet for 2024: Matrixport
Investors could see outsized gains by buying a diversified portfolio of publicly listed mining companies, the report said.
Crypto Miners Debate $500K Bitcoin Fee Refund to Paxos for ‘Fat-Fingers’ Error
Miners can choose to return large fees out of goodwill, even though they do not have any obligation to do so.
Another Bitcoin Metric Is About To Reach A New All-Time High Despite The Bear Market
The price of Bitcoin has taken a beating in the past month. The leading cryptocurrency by market cap is down by more than 11% from its price in July and has lost more than $50 billion in market cap since then.
While the price plunge has been painful for investors, Bitcoin miners have also been feeling the sting as mining revenue per computing power has been dwindling for the past few months. On the other hand, Bitcoin’s hashrate has soared to high levels as mining farms continue to come online.
Bitcoin Hashrate Reaches All-Time Highs Despite Bear Market
Over the last year, Bitcoin’s hashrate (the total combined computing power of miners) has almost doubled. Data from Blockchain.com shows that the Bitcoin network hash rate surpassed 414 terahashes per second (TH/s) for the first time on August 16.
This metric has since retraced to 390 TH/s, but it is expected to rise further in the coming weeks as miners bring on more computing power to break even on their mining operations. The higher the hashrate, the more difficult it becomes to mine BTC and earn rewards. This means that miners are now making less BTC per terahash of computing power than ever before.
Data from Hashrate Index shows this figure is now at $0.06016 per terahash/second per day. In comparison, this figure was at $0.08124 on May 8 during the rise of Bitcoin Ordinals and Inscriptions. A further decline from here would see mining revenue fall below the lowest point in November 2022.
How Miners Are Adapting To Stay Profitable
The Bitcoin mining industry has proven itself resilient, even during the depths of the crypto winter. According to data from investment information platform MacroMicro, the current average cost to mine a BTC stands at $45,877 with the current price of BTC now at $25,936.
To remain profitable with the rising hash rate, Bitcoin miners have had to adjust their operations. Publicly traded mining companies like Marathon Digital and Riot Platforms have had to raise about $440 million through stock sales.
Bitcoin miners have also avoided selling their $900 million BTC, as it could trigger a major selloff from investors. While previous on-chain data have shown miners sending a significant amount of coins to exchanges, miners have been expanding their reserves recently.
BTC Mining Outlook
The outlook for Bitcoin mining economics in the coming months is uncertain but potentially promising if the hashrate continues to increase. The next Bitcoin halving is expected to take place in April 2024, slashing block reward by 50%.
When the halving occurs, things could even get tighter for miners, as they would have to increase mine more blocks to break even. Nevertheless, big BTC mining companies are already on track for this adjustment. Marathon Digital, for example, was able to achieve a 54% boost in its hashrate during the second quarter but reported a net loss of $21.3 million.
Bitcoin revenue per terahash nears record lows as hashrate soars
As the Bitcoin network hash rate tops 414 EH/s, miners are struggling to stay afloat amid plummeting profitability.
Bitcoin mining researchers claim new tech ups winning hash chance by 260%
U.K.-based research company Quantum Blockchain Technologies has developed algorithmic search methods that boost Bitcoin mining efficiency and reward probability.
Largest Crypto Miners Will Benefit Most From Capacity Growth: Bernstein
Larger miners with a low cost of production and low debt are likely to be the big beneficiaries of increased capacity, the report said.
Bitcoin Miners Buy up Rigs as Prices Near All-Time Lows
Despite mining’s doldrums, miners are prioritizing the inclusion of next-generation mining rigs in their operations to prepare for the next Bitcoin halving.
Bitcoin miners still bullish despite toughest bear market yet – Hut8, Foundry, Braiins
Bitcoin mining firms have been forced to sell newly minted Bitcoin to cover operational costs during one of the toughest bear markets for miners on record.
Bitcoin miners hedging with recent sell-offs: Bitfinex report
All-time high hash rates and mining difficulty indicate that miners are bullish on Bitcoin, while recent sell-offs could be a means to hedge positions.
Next Bitcoin Halving Event Could Be a Stress Test for Miners: JPMorgan
The next halving will see a reduction in miners’ revenues and an increase in bitcoin production costs at the same time, the report said.
Bitcoin Mining Is a Game of Survival, Consolidation and Potential AI Diversification: Bernstein
Mining stocks have been resurgent this year due to improving sentiment from institutional ETF filings and potential revenue diversification into high-performance computing and AI, the report said.
Bitcoin, Ether Supply on Exchanges Fell in June: Goldman Sachs
Still, bitcoin miners’ inventory sales climbed to a record as they took advantage of the cryptocurrency’s strong performance, the report said.
Miners send millions to exchanges — 5 things to know in Bitcoin this week
Bitcoin miners appear to be reducing risk as the significance of BTC price above $30,000 remains firmly in evidence.
Austin: Where Remote-Work Crypto Developers Actually Choose to Live
A critical mass of the world’s top Bitcoin developers and mining companies call the No. 9 spot in CoinDesk’s Crypto Hubs 2023 their home, lured by the city’s attractive weather, live music and food scene, as well as the lack of state income taxes.
Bitcoin Miners Transfer $174M Worth of Coins to Exchanges in Two Weeks
The 14-day average of miner transfers to exchanges has increased sharply to 489.26 BTC, the highest since March 2021, according to Glassnode.
SEC, CPI and a ‘strong rebound’: 5 things to know in Bitcoin this week
Bitcoin faces a week full of potential price triggers — both up and down — as BTC price action drops below a major trend line.
Hut 8 Says Repairs to Damaged Crypto Mining Equipment Are Taking Longer Than Expected
The delays are impairing the miner’s hashrate and bitcoin production.
Bitcoin mining firms keep building despite BTC mining profitability slump
Crypto mining firm CleanSpark has been aggressively expanding its fleet of mining machines this year, despite mining profitability being far from its all-time highs.