Bitcoin

<ul><li>Bitcoin&#39;s hash rate hits an all-time high of 414 EH/s, but miners see dwindling revenues.</li><li>Major mining companies raised $440 million through stock sales in Q2 to mitigate revenue losses.</li><li>Despite this, an analyst on TradingView suggests a potential Bitcoin price rally based on historical MACD bullish crosses.</li></ul>Recent <a href="https://www.blockchain.com/explorer/charts/hash-rate" rel="noopener noreferrer nofollow">data from Blockchain.com</a> suggests Bitcoin miners are confronting a revenue crisis even as the network&#39;s hash rate reaches record highs. On August 18, the Bitcoin network achieved an all-time high hash rate of 414 exahashes per second (EH/s), marking an 80% increase over the past year and a 54% surge since the start of 2023. While elevated hash rates are generally considered a positive indicator for network security, they have not translated into increased profitability for miners.According to <a href="https://data.hashrateindex.com/network-data/btc" rel="noopener noreferrer nofollow">data</a> from HashPriceIndex, the revenue generated per terahash per second per day has dwindled to a mere $0.060. This is nearly half of what miners were earning in early May, raising questions about the sustainability of mining activities. Market analyst Dylan LeClair <a href="https://twitter.com/DylanLeClair_/status/1695902583074763140" rel="noopener noreferrer nofollow">commented</a> on the development, stating that although more efficient mining rigs continue to enter the market, Bitcoin prices need to adjust upwards to keep mining profitable at such elevated hash rates.To mitigate the impact of falling revenue, some mining companies have turned to stock sales for financial sustenance. A Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-08-24/bitcoin-miners-mara-riot-equity-lifeline-dilutes-shareholders" rel="noopener noreferrer nofollow">report</a> published on August 24 revealed that 12 major publicly traded mining companies raised approximately $440 million through stock sales in the second quarter of this year.Read full article at <a href="https://cryptotale.org/bitcoin-miners-in-a-revenue-crunch-despite-record-hash-rates/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bitcoin Miners in a Revenue Crunch Despite Record Hash Rates

CryptoTale

Other articles published on Aug 28, 2023

2018 SEC Memo Raises New Concerns in Ripple vs. SEC Legal Battle

Balancer Hacked for $870K as Vulnerability Exploited

OKX And Bybit Suspends Sanctioned Russian Banks From P2P Services

OnlyFans parent company reveals $20m ETH investment amid crypto dip

BNB Smart Chain Upgrade and Hard Fork to Happen on Aug. 30: What to Know

What is $BabyDoge crypto and How to use it to Gain Profit? (2023 UPDATE)

Join our free newsletter for daily crypto updates!