With the price of Bitcoin (BTC) plummeting, the overall crypto market has also taken a big hit in the revenue generated by the miners as they try to get out of the bear market.
As of August 21, the total revenue of Bitcoin miners stood at $19.65 million, a 61 percent decrease from the $50.73 million recorded on August 22, 2021.
Bitcoin Miners Tested by Bear Market
Bitcoin miners often bore the brunt of the ongoing market crash, and the majority had to readjust their operations. Interestingly, the situation has changed after the recent short-term crypto market rally. However, Bitcoin has been struggling to stay above $20,000 ever since.
Falling Bitcoin prices have prompted miners to sell their BTC to continue mining and cover operational costs such as electricity. It was learned that miners sold 5,925 BTC in two weeks to take advantage of the last rally. The sell-off occurred as Bitcoin struggled to surpass the critical $25,000.
In particular, the sale of Bitcoin by miners moves away from the HODL perpetual strategy. This is supported by the fact that Bitcoin mining has been declared unprofitable for miners as of June 2022. This period coincides with Bitcoin’s worst quarterly return in over a decade, at 56 percent.
It is also worth noting that the short-term recovery has also positively impacted the market for relevant players such as mining companies. Public Bitcoin mining firms have seen a surge in stock value recently as the operation has become profitable.
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