Coin Metrics: Mining profits are under pressure after halving, and Bitcoin mining companies are about to enter an era of consolidation

Coin Metrics released a report analyzing the current state of the Bitcoin mining market, which pointed out that Bitcoin mining profit margins have been under pressure since the Bitcoin halving in April due to stagnant BTC prices and a sluggish fee market, although short-term on-chain congestion has eased some revenue pressure. On April 20, the Bitcoin block reward dropped from 6.25 BTC to 3.125 BTC, and the rune hype gradually subsided in the following weeks. May and June were very difficult months for miners. Coin Metrics' report also mentioned that Bitcoin mining companies are about to enter an era of consolidation, and well-funded miners will acquire the assets of less efficient operators. Coin Metrics concluded that: "To survive the impact of efficiency improvements and competitive pressures, mining companies must look to the future, and the long-term trend of BTC prices remains an unpredictable investment for highly capital-intensive business models." (crowdfundinsider)