Bitcoin mining companies in the U.S. are facing difficulties as the price of Bitcoin drops. According to a report by JP Morgan, the market capitalization of top U.S. mining companies dropped by 22% ($6 billion) in February alone. The report also noted a decline in revenue for these companies, with Bitcoin miners earning $54,300 per EH/s on average in daily block reward revenue in February, down 5% from the previous month. The declining price of Bitcoin, currently trading at $87,300, has increased the operating costs for mining operations, which require significant electricity consumption. Additionally, the trade war tensions and the launch of a Chinese AI model in January have put further strain on the sector.



Other News from Today