Bitcoin (BTC) visited the $20,000 range after a year and a half made mining – the ecosystem’s most important job – an expensive affair.. However, if history were to repeat itself, BTC investors could witness another epic bull run that previously helped bitcoin hit an all-time high of $69,000.
Bitcoin price changes directly impact the income of miners, who earn fixed block rewards and transaction fees in BTC for executing their mining operations. In June 2022, total miner revenue fell below the $20 million rangewith data from Blockchain.com recording the lowest drop of $14.401 million on June 17.
As shown above, the recent drop in bitcoin mining revenue was last seen a year ago, when the total value sank to $13.065 million on June 27, 2021.at which point BTC was trading at roughly $34,000. What followed next was bitcoin’s epic five-month bull run.which was supported by pro-crypto initiatives such as El Salvador’s acceptance of BTC and crypto-friendly regulations around the world.
Despite the mixed feelings about the recovery of the cryptocurrency ecosystem, small investors have increased their investment efforts amid the bear market as they fulfill their long-term dream of owning an entire BTC (1 BTC). The global recession, geopolitical tensions, the downfall of crypto economies like Terra, and the ongoing COVID-19 pandemic are currently preventing the bitcoin ecosystem from realizing its true potential.
A report shared by cryptocurrency-focused financial services firm Arcane Crypto revealed the potential for several public bitcoin miners to survive the current bear market. The key to survival for bitcoin miners comes down to the delicate balance between revenue and operating cash flow.
According to the report, Argo, CleanSpark, Stronghold, Marathon, and Roit are the miners best positioned to sustain the crypto winter. At the same time, Core has nearly matched its operating costs with its total revenue..
The bitcoin mining hardware and hosting company Compass Mining lost one of its Maine-based lodging facilities after failing to pay electric bills.
Effective June 14th @compass_mining facility hosting agreement in Maine was terminated by @dynamics2k for failure to pay power consumption charges. 6 late payments and 3 non payments. @MiningScandals pic.twitter.com/cSfnWMmqTY
— DynamicsMining (@DynamicsMining) June 27, 2022
As of June 14, @compass_mining’s Maine facility hosting agreement was terminated by @dynamics2k for failing to pay energy charges. 6 payment delays and 3 defaults. @MiningScandals pic.twitter.com/cSfnWMmqTY
Dynamics Mining, which owns the mine’s accommodation facility, alleged that Compass Mining has six late payments and three non-payments related to utility bills and accommodation fees.stating that “all I had to do was pay USD 250,000 for 3 months of energy consumption.”
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