Derived from Coinrise, Bitcoin miners are experiencing increased pressure as revenue declines due to rising network competition and falling hashprice. A report from The Miner Mag noted that Bitcoin’s price dropped to $81,000 in early November, while the network’s computing power hit 1.16 ZH/s in October. Hashprice fell below $35/PH/s, below the $45/PH/s median for public mining firms, pushing many toward break-even. New mining equipment now takes over 1,200 days to recoup costs, and rising financing costs have added strain. Despite this, miner stocks like CleanSpark, Cipher Mining, and IREN rose sharply on Monday, driven by JPMorgan’s upgraded price targets and long-term contracts in high-power computing and cloud services.
Bitcoin Miners Face Revenue Decline Amid Rising Competition, Miner Stocks Rise
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