Bitcoin (BTC) has dropped into the $20,000 price range after a year and a half, making the most important job in the ecosystem — mining — a costly affair. However, if history repeats itself, bitcoin investors could witness another epic bull run that helped bitcoin reach an all-time high of $69,000.
Changes in the price of Bitcoin directly affect the income of miners. Miners receive fixed bitcoin block rewards and transaction fees to run their mining operations. Total mining revenue drops below $20 million in June 2022, with the lowest point recorded by Blockchain.com data on June 17 at $14.401 million.
As shown above, the most recent drop in Bitcoin mining revenue was a year ago on June 27, 2021, when Bitcoin was trading at around $34,000 and its total value plummeted to $13.065 million. Bitcoin then ushered in an epic five-month bull run, with numerous pro-crypto initiatives such as the acceptance of BTC in El Salvador and the introduction of crypto-friendly regulations around the world.
While opinions vary on the recovery of the cryptocurrency ecosystem, small-scale investors have been seen stepping up in the bear market as they realize their long-held dream of owning a whole bitcoin. Currently, the global recession, geopolitical tensions, crypto-economic downturns like Terra (LUNA), and the ongoing pandemic are preventing the Bitcoin ecosystem from unleashing its true potential.
Monthly Operating Cash Flow vs. Mining Revenue Source: Arcane Crypto
Several listed bitcoin miners are likely to survive the current bear market, according to a report shared by cryptocurrency-focused financial services firm Arcane Crypto. The key to the survival of Bitcoin miners is the delicate balance between revenue and operating cash flow.
According to the report, Argo, CleanSpark, Stronghold, Marathon, and Riot are the mining companies most likely to survive the crypto winter. Meanwhile, the operating costs of Core, another major mining company, are almost on par with total revenue.
ERC404 merges NFT uniqueness with cryptocurrency liquidity, introducing Replicants to revolutionize trading and ownership on the Ethereum blockchain, marking a pivotal evolution in digital assets.
WeiliangOobit secured $25M in Series A funding to expand its crypto payment app globally, enabling transactions at over 100 million retailers, aiming for mainstream cryptocurrency adoption.
MiyukiWalmart and VeChain's collaboration achieved over 200 million transactions, showcasing blockchain's potential in revolutionising retail sustainability. This milestone underscores the importance of transparency and accountability in the food industry's journey towards a safer, more ethical future.
JoyBitsonic executives were sentenced for stealing $7.5 million, highlighting the need for stricter crypto market regulation and investor vigilance.
AlexPandora Token's price has skyrocketed to $8,780, driven by the implementation of the innovative ERC404 standard, promising enhanced functionalities. Investors are closely monitoring the rapid fluctuations, with one trader turning a $97,484 investment into a staggering $1.2 million within just two days.
JoyB2C2 acquires a virtual asset registration in Luxembourg, expanding its European footprint alongside giants like PayPal, preparing for MiCA regulation, and led by finance veteran Denzel Walters.
BrianExploring the SEC's review of Ethereum ETFs, their market impact, regulatory hurdles, and the anticipation shaping the future of digital asset investments.
MiyukiHKGCC proposes yuan-linked stablecoins and a Virtual Asset Connect Scheme to integrate digital currencies, enhancing Hong Kong's financial landscape and global business appeal.
AlexSolana Mobile's 'Chapter 2' smartphone garners over 60,000 preorders, signalling strong community support. Priced at $450, it aims to democratise access to crypto, poised to revolutionise the industry.
JoyBlackRock and Fidelity's Bitcoin ETFs dominate the U.S. market, showcasing rapid growth, investor confidence, and shifting preferences towards cryptocurrency investments.
Brian