Bankruptcies, shrinking profit margins and traders realizing hefty losses are all signs of capitulation from various market participants.
The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500.
With its partial autonomy, the island city of Hong Kong has traditionally served as a gate to China, but with crypto, there is a catch.
The Sydney-based Arkon Energy secured $28 million in a recent funding round to expand its renewable energy Bitcoin mining operations despite the volatile market.
The company mined 31% more Bitcoin than in the same quarter last year.
Investors piled into stablecoins following FTX’s collapse, and an uptick in DEX activity suggests a rising interest in self-custody options.
Chinese Bitcoin mining firm Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, but it’s not the end of its business.
Argo Blockchain has been selling its Bitcoin holdings earlier this year to cut debt to Michael Novogratz’s crypto investment firm Galaxy Digital.
The Bitcoin miner says low BTC and high electricity rates and Celsius’ refusal to pay its bills could be its undoing; the company’s BTC holdings have dropped from 8,058 in May to 24 now.
A look at why some Bitcoin miners continue to thrive in the bear market while others need to rethink their strategies in order to continue operations.