With the hash rate of Bitcoin network falling by more than 30% in the last one month which represent 1.3 million Bitmain S9 miners which have been turned off as bitcoin mining has become unprofitable in the current bear market as disclosed in a report by Bitmex.
Bitcoin Miners suffering huge losses
The massive drop of the price of bitcoin along with other cryptocurrencies starting from November this year has vigorously affected all of the crypto community including large institutional traders and mining pools to small-time traders and home miners. However, miners are the most affected community at this time as the market crash has led to the unprofitability in bitcoin mining operations. According to a recent report by Bitmex, the bear market has led to most bitcoin miners facing losses.
According to the report, the recent market crash has led to an unpleasant impact on miners and most of them are struggling due to losses. In just over a month, the hash rate of Bitcoin has fallen down more than 30% which is equivalent to 1.3 billion Bitmain S9 machines as revealed by Bitmex. Along with the falling hash rate, the price of bitcoin has also fallen down massively.
Bitcoin Mining: No longer profitable
The total revenue of the Bitcoin mining industry has fallen down massively in just one month. Bitcoin mining industry’s revenue was around $13 million per day in November and has crashed down to $6 million per day in December. A large number of bitcoin miners are backing out of mining business due to losses. Bitmex, one of the largest cryptocurrency exchange is blaming Bitcoin Cash hard fork for the market crash. The Bitmex report also revealed that it has been detected by Boltzmann which is a crypto intelligence monitoring platform that an abnormal activity was detected on the 12th of November with the most controversial hard fork just a few days ahead. Boltzmann revealed that a lot of miners sold a large amount of Bitcoin during this time which may be the real reason behind the start of the market crash.