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    Bitcoin Miners Now Face Darkest Situation Since 2015


    Bitcoin, thought of the biggest cryptocurrency by way of market capitalization, can be exiting the month of November with buying and selling costs which might be considerably decrease than what it had the identical time final yr.

    It may be recalled that in November 10, 2021, BTC was in a position to hit its milestone all-time excessive (ATH) of $69,044.

    Sadly, the crypto asset has already misplaced 76% of that worth as it’s altering arms at solely $16,582 in response to Coingecko on the time of this writing. On a year-to-date foundation, the maiden digital coin is down by 71.3% as it’s nowhere near its spectacular efficiency final yr.

    Bitcoin’s struggles had been just lately compounded by the implosion of the FTX crypto exchange platform that wiped your entire crypto market of just about $200 billion by way of general valuation.

    Alongside this line, Bitcoin miners really feel larger stress as they proceed to take care of the perpetual issues it began to face the second the business got here to life.

    Large Liquidations By Bitcoin Miners

    Quantitative asset administration agency Capriole Fund founder Charles Edwards just lately noted that he noticed aggressive promoting of Bitcoin miners which drastically elevated by an astonishing 400% this month.

    Picture: The European Enterprise Assessment

    At this level, miners are coping with three perennial challenges in finishing up their ordeal to provide essentially the most valuable cryptocurrency, Bitcoin, resulting in their present and unlucky scenario.

    The primary is that it’s getting tougher for miners to mine the subsequent block when hash charges close to their peak ranges.

    The second concern is power prices which, as much as this present day, stay extraordinarily excessive more often than not, reducing revenue margins for firms concerned within the enterprise.

    The truth is, Iris Power, an Australian firm, was pressured to halt the operation of its Bitcoin mining {hardware} after being left with a gaping $108 million debt.

    Lastly, the present value of BTC. As talked about earlier, it’s nonetheless feeling the consequences of the prevailing bear market, struggling to even simply breach the $17K marker as of this time.

    Hash Charges Spike Regardless of The Difficulties

    Though Bitcoin miners are in a dire scenario proper now, their efficiency stays spectacular as world hash rate continues to go up.

    Based on, the community is registering a hash charge of 261 EH/s (exahashes per second). On November 2, good earlier than the FTX drama began, Bitcoin mining hash charge peaked at 273 EH/s.

    That is even after China cracked down on BTC miners working inside its territory final yr that induced their exodus and relocation in different business-friendly nations.

    Crypto complete market cap at $788 billion on the each day chart | Featured picture from Coin Version, Chart:

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