Bitcoin mining drops to $17.2 million a day

Paris, The Gulf Observer: Global revenue from bitcoin mining has dropped to $17.2 million a day amid a crypto winter and global energy crisis, down about 72% from last November when miners were racking up $62 million a day, according to data from Blockchain.com.

“Bitcoin miners have continued to watch margins compress – the price of bitcoin has fallen, mining difficulty has risen and energy prices have soared,” said Joe Burnett, head analyst at Blockware Solutions.

That’s put serious pressure on some players who bought expensive mining machines, or rigs, banking on rising bitcoin prices to recoup their investment, Reuters reported.

Bitcoin is trading at around $19,000 and has failed to break above $25,000 since August, let alone regain November’s all-time high of $69,000.