Bitcoin (BTC) Miners Revenue Drops to Record Low as Market Correction Continues

Bitcoin (BTC) has fallen to the $62,000 price range, and miners are feeling the heat as revenue drops to a record low.

Bitcoin (BTC) price slid into the $62,000 range on June 23, and miners are feeling the heat as revenue drops to a record low.

This downturn has significant implications for the broader market. A quick glance at the Bitcoin miner revenue chart on YCharts reveals a substantial decline over the last 24 hours. On June 23, miner revenue was approximately 365 BTC (or around $23 million) based on BTC’s closing price. While this amount seems substantial, it significantly deviates from typical revenue trends.

Bitcoin Miners Revenue as of June 23, 2024 | Source: YCharts

To put things into perspective, the last time miner revenues were this low was in 2021, when they hovered around 388 BTC. The recent figures surpass the previous record low set in 2021, marking a new nadir for BTC mining firms.

Several factors contributed to this revenue drop, particularly the recent Bitcoin halving event and the broader crypto market correction, which has caused a decline in BTC’s market value. As a result, miners are experiencing one of the toughest economic periods in recent history.

Moreover, a recent analysis by CryptoQuant highlighted that Bitcoin miner revenue has been experiencing a gradual decline, suggesting that miners are selling off their BTC holdings to maintain operations or mitigate losses amid uncertain market conditions. This continual reduction in miners’ BTC reserves could have long-term implications for the Bitcoin network’s security and stability.

Meanwhile, BTC’s price has been breaking through various support levels. Thus, price levels that previously acted as support are now becoming stronger resistance levels.

For instance, the $66,000 price level has become a crucial resistance after BTC’s price dropped below it. As of this writing, BTC continues to face further downward price pressure, trading at $61,121 after experiencing further declines.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-miners-revenue-drops-record-low-market-correction-continues.html

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