2024

Argo

Bitcoin

Arthur

April

Bitcoin <a href="https://cryptonews.com/news/swan-bitcoin-expands-into-mining-plans-public-listing.htm" rel="noopener noreferrer nofollow">mining</a> is getting less profitable as many publicly traded miners might face potential profitability challenges following the next <a href="https://cryptonews.com/news/leading-crypto-miners-riot-terawulf-cleanspark-brace-for-2024-bitcoin-halving.htm" rel="noopener noreferrer nofollow">Bitcoin halving</a> event.
According to a recent report by Cantor Fitzgerald, 11 major mining companies, including Marathon Digital (MARA), Riot Platforms (RIOT), and Bitfarms (BITF), would struggle to make a profit post Bitcoin halving in April 2024.
<h2 id="non-profitable-mining-business-post-halving">Non Profitable Mining Business Post Halving</h2>
 The report analyzed the “cost-per-coin” of the companies post halving with the steady Bitcoin price set at $40,000. Of all the 13 companies, only two were estimated to maintain their profit margins. Bitdeer (BTDR) mines each coin at the lowest cost of $17,744, while CleanSpark (CLSK) keeps the cost-per-coin just below the $40,000 level at $36,896.
Meanwhile, Argo Mining (ARBK) and Hut 8 Mining (HUT) were listed with the highest costs, each calculated at $62,276 and $60,360 respectively.
Cantor Fitzgerald <a href="https://cantor2.bluematrix.com/sellside/EmailDocViewer?encrypt=4a8bc6eb-244e-4846-afb7-d4b74415eee7&amp;mime=pdf&amp;co=cantor2&amp;id=equities_global@cantor.com&amp;source=mail" rel="noopener noreferrer nofollow">stated</a> that their research “reflects all the costs that a Bitcoin miner would incur in producing a single Bitcoin, including both electricity costs/hosting fees and other cash expenses.”
Responding to Cantor’s report, CleanSpark executive chairman Matthew Shultz expressed in a post that the key to CleanSpark’s low lost is efficiency.
*BREAKING – new today!
No matter the department, the entire team at <a href="https://twitter.com/CleanSpark_Inc?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CleanSpark_Inc</a> is committed to efficiency. EFFICIENCY of Uptime, Equipment, Capital, Operations, Community Engagement, Energy, Strategy, Growth, and other metrics.
Today’s brand new report from the research… <a href="https://t.co/YgQ6XrIXh2" rel="noopener noreferrer nofollow">pic.twitter.com/YgQ6XrIXh2</a>
— S Matthew Schultz (@smatthewschultz) <a href="https://twitter.com/smatthewschultz/status/1750558875600982064?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 25, 2024</a>
“No matter the department, the entire team at CleanSpark is committed to efficiency,” said Shultz. “EFFICIENCY of Uptime, Equipment, Capital, Operations, Community Engagement, Energy, Strategy, Growth, and other metrics.”
<h2 id="arthur-hayes-bitcoin-to-find-support-in-30-000-35-000">Arthur Hayes: Bitcoin to Find Support in $30,000~$35,000</h2>
 Though the analysis established the price benchmark at $40,000, it is trading at $39,932 at the time of writing, down by 0.28% in the past 24 hours according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>.
In addition, BitMEX founder <a href="https://cryptonews.com/news/bitmex-founder-arthur-hayes-predicts-bitcoin-support-range-at-30000-to-35000.htm" rel="noopener noreferrer nofollow">Arthur Hayes</a> has predicted Bitcoin to continue to drop and eventually find support in the range of $30,000 to $35,000.
In his <a href="https://cryptohayes.substack.com/p/yellen-or-talkin" rel="noopener noreferrer nofollow">blog post</a>, Hayes stated that he has purchased a Bitcoin put option with a strike price of $35,000 with an expiration date of March 29.
“I think Bitcoin will find a local bottom between $30,000 and $35,000,” said Hayes.
Hayes also speculated that the U.S. Department of Treasury Secretary Janet Yellen could have an impact on Bitcoin’s market performance.

Many Bitcoin Miners Struggle to Make Profits: Cantor Fitzgerald

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