Bitcoin Miners Struggle After Halving, Earnings Plummet to Historic Low
The Bitcoin mining industry is facing a severe downturn following the recent halving event. According to data from Blockchain.com, daily earnings from Bitcoin mining have plummeted to a historic low of around $26 million. This represents a staggering 74% decline from the peak earnings of over $100 million during the halving and the launch of the Rune protocol.
The primary cause of this drastic decline is the halving event itself, which saw the block reward reduced by half to 3.125 Bitcoin. This significant reduction in block reward has led to a substantial decrease in miners' earnings.
Cryptoquant CEO Ki Young Ju believes that miners are left with only two options: "capitulation or waiting for an increase in the BTC price." However, Young Ju notes that there are currently no signs of capitulation, indicating that miners are holding on to their assets in the hopes of a price rebound.
This challenging environment has left many miners struggling to stay afloat, with some forced to shut down their operations or reduce their mining capacity. The current situation serves as a stark reminder of the risks and uncertainties associated with the cryptocurrency mining industry.
In conclusion, the Bitcoin mining industry is facing an unprecedented crisis, with earnings at an all-time low. Miners are left with a difficult decision: to cut their losses and abandon their operations or hold on to their assets in the hopes of a future price increase.
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