Important points
- Bitcoin miners’ revenue fell to its lowest level since April as the price fell by $7,000.
- The drop in prices has reduced mining profitability and hash prices, forcing operators into losses.
Bitcoin miners are facing their lowest profits since April as Bitcoin fell from $107,000 to $100,000 today, a $7,000 drop that significantly reduced profitability across the industry.
The fall in Bitcoin prices has pushed mining profitability to multi-month lows as hash prices continue to fall, adding to revenue pressure for operators already battling high electricity bills that eat up a significant portion of their rewards.
The current drop in prices has made mining operations less viable, with operators in regions such as Ethiopia experiencing rapid revenue declines due to changing energy prices, with some operators considering downsizing operations or relocating to more cost-effective jurisdictions.
