Net revenue from BTC mining lost almost a quarter
According to CryptoRank, the decline in bitcoin mining revenue has fallen to record levels on a year-over-year basis. Compared to October, the decline was 23%.
In November, the figure reached only $457 million, while in October the value was much higher: $590 million. Such a result was caused by a range of factors. The main being:
- liquidity crash
- high complexity
- energy crisis
- fall in the value of cryptocurrencies.
In May 2022, the revenue of miners amounted to $906 million. Then there was the Terra collapse, and the rate of BTC fell heavily. After that, since June of this year, revenue has not risen above $668 million.
Experts and analysts tried to make predictions about the industry, but it turned out to be futile. Large companies are approaching the brink of bankruptcy, trying to find funding. Now more and more often there are assumptions that the value of BTC will fall to $10,000. For example, Arthur Hayes (BitMEX) and Mark Mobius (Mobius Capital Partners) hold such opinions.