Why Bitcoin miners may be on the verge of ‘losing it all’

ambcrypto.com:

Bitcoin [BTC] miners could be within an ace of capitulation because of the non-stop increase of the hashrate. This was the opinion of CryptoQuant, the on-chain crypto analysis platform.

However, the BTC hashrate was not the only one involved in posing a risk.

Well, not to forget, the hashrate acts as the computing power for the mining process.

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At press time, the BTC hashrate was at an All-Time High (ATH) of 261,576,490,591.99 per second. This data was according to CryptoQuant.

In the same vein, the mining difficulty of the coin was extremely high from the point it was on 9 October when it decreased.

Source: CryptoQuant

Reportedly, the rise in mining difficulty could lead to more decline in miners’ revenue and profits. With the current state, miners might find it challenging to exit the declining revenue circumstances.

As lower profitability is in full force, CryptoQuant noted that Bitcoin miners could experience worse than the 80% Year-on-Year (YoY) decrease. CryptoQuant further stated,

“In this situation, the amount that miners made from each hash plummeted to its lowest level ever, dropping by more than 80% over the previous year. In the current market environment, miners are paid quite low, which might lead to another miner-related capitulation.”

Source: Glassnode

A look at the BTC miners’ revenue showed that there had been a massive decline since the last day of September.

This situation suggests that miners are increasingly finding it difficult to remain profitable. According to Glassnode, miners’ revenue which was about 1,058.09 on 10 October, had decreased to 908.54 at press time.

Bitcoin miners also saw more downside as block rewards fell to 893.75, especially