The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Top Cryptos Bitcoin (BTC)

Public Bitcoin Miners Struggle To Keep Up With Difficulty As BTC Production Declines |

Public Bitcoin Miners Struggle To Keep Up With Difficulty As BTC Production Declines |
Share on FacebookShare on Twitter


The recent decline in the price of bitcoin is not the only thing that those in the space have had to deal with. It has spilled into other important aspects of the community such as mining. Public and private miners have been having a hard run of it lately with their cash flow plummeting due to the decline in bitcoin’s value. However, that is not the only problem that these miners have had to deal with. Mining production has been hit hard for public miners.

Bitcoin Production Drops

At the end of a very successful 2021, many public bitcoin miners had come forth with roadmaps for how they would improve their BTC production. Each one of these companies had come forward with high promises of where they wanted to get their hashrate to. Naturally, given that the market was doing well at that point, there was no reason on the part of investors to doubt these plans. But the first half of 2022 has painted a brutal picture.

Marathon Digital is undoubtedly one of the leaders in the space when it comes to public bitcoin mining, and it has struggled the hardest when it comes to fulfilling its promises of higher BTC production. Marathon had kicked off the year with a good production rare of 462 BTC. However, since then, its production has continued to plummet. By the end of May, the mining company had only produced 268 BTC, a 42% drop from the volume in January.

Related Reading | Market Liquidations Cross $1.22 Billion Following Bitcoin’s Decline Below $23,000

The case across other top public miners was similar. Although not all of them have recorded a steady plummet like Marathon, they have been unable to maintain consistent growth in BTC production. Even Core Scientific has found itself in this rut. 

Bitcoin mining

public miners' production remain unsteady | Source: Arcane Research

Bitfarms was the only exception and it has continued to maintain consistent growth through the first half of 2022. To put this into perspective, Bitfarms had seen 301 BTC produced in January. At the end of May, the BTC produced had risen 43% to 431 BTC.

A lot of these companies are faced with an increase in mining difficulty over the last five months. Additionally, they continue to deal with cash flow and profitability issues given the bitcoin price crash. These losses are also heavily featured in their stock prices. For Marathon Digital, its stock price is down from its $83.45 year-to-date high to be trading at a current price of $6.87 at the time of this writing. This shows an 81% drop in the last year alone.

Bitcoin price chart from TradingView.com

BTC losses momentum and falls to $21,000 | Source: BTCUSD on TradingView.com

Nevertheless, Bitcoin block production is on the rise once again. It is now sitting at 6.23 blocks produced per hour compared to the 5.86 blocks per hour from the previous week, representing a 6.19% increase. However, miner revenues remain muted with a 0.76% drop in the last week.

Related Reading | Bitcoin Holders To Remain Cautious As Correlation With Stocks Continues

With the prices falling, bitcoin miners stand the risk of losing more of their cash flow. It is predicted that if the current bear market continues, a good number of miners would fold up due to the inability to fund their mining activities.

Featured image from Coingape, charts from Arcane Reseach and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…





Read More:Public Bitcoin Miners Struggle To Keep Up With Difficulty As BTC Production Declines |

Tags: BitcoinBTCdeclinesDifficultyminersProductionpublicStruggle
Previous Post

This Bored Ape NFT Just Sold For $127,781 in ETH – Benzinga

Next Post

Cardano Falls 10% In Rout By Investing.com

Related Posts

Here’s What’s Next for Bitcoin (BTC), Ethereum (ETH) and One Altcoin That Over Exploded

Here’s What’s Next for Bitcoin (BTC), Ethereum (ETH) and One Altcoin That Over Exploded

by The Cryptos News
July 30, 2022
0

A widely followed trader is exploring the near-term outlook of the two largest-crypto assets and one altcoin that has...

This is how the crypto market, especially BTC and ETH, reacted amid latest Fed hike

This is how the crypto market, especially BTC and ETH, reacted amid latest Fed hike

by The Cryptos News
July 30, 2022
0

The Federal Reserve increased the interest rate by a further 0.75% and the crypto markets responded bizarrely. The U.S....

How to Buy Polkadot Coin | Cryptopolitan

How to Buy Polkadot Coin | Cryptopolitan

by The Cryptos News
July 30, 2022
0

Polkadot is one of the top 20 cryptocurrencies by market capitalization, and it has been gaining in popularity lately.DOT...

Mehracki Token (MKI), Binance Coin (BNB), and Cardano (ADA) – Cryptocurrencies Poised To

Mehracki Token (MKI), Binance Coin (BNB), and Cardano (ADA) – Cryptocurrencies Poised To

by The Cryptos News
July 30, 2022
0

The world of cryptocurrencies is becoming ever more popular, and the speed at which people begin trading grows more...

Next Post

Cardano Falls 10% In Rout By Investing.com

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

July 30, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz