Mining charts illustrate the bitcoin market

Bitcoin’s price has dropped around 70% from its last all-time high and the mining sector is feeling the full brunt of the ongoing bear market. Many fears, uncertainties and doubts (FUDs) often spread far and wide about miners during bear markets, but the data on how these traders are affected and perform in this environment is simple. This article outlines six key datasets that illustrate the bear market’s effects on bitcoin miners and their operations.

Monthly dollar-denominated revenue is a characteristic metric that reports the state of the mining industry. In bear market conditions, miners are expecting a decline in revenue and the bar chart below illustrates exactly what is happening. Primarily this metric is declining due to a cheaper bitcoin price quoted in dollars. In fact, June’s monthly mining revenue is expected to record the lowest level in the past 18 months. From August 2021 to April 2022, miners also enjoyed a comfortable nine-month streak of at least $ 1 billion in total industry-wide revenue. May ended that streak and revenue continues to decline in June.

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