Six Charts on the Bitcoin Mining Market – Bitcoin Magazine

Bitcoin mining companies continue to struggle to survive the ongoing bear market. Long gone are dreams of outperforming bitcoin as a public mining company. Bankruptcies and lawsuits become daily headlines. Even Wall Street analysts, who were once bullish on bitcoin mining investment opportunities, are now saying they will “pull the plug” until the market improves. So how bad is the current bear market?

As the proverb says, it’s always darkest before the morning. And compared to previous bear markets, the mining industry appears closer to the end of a bear market phase than its beginning. This article examines a bunch of data sets from current and previous bear markets to contextualize the state of the industry and how the mining sector is evolving. From hardware lifecycles and miner balances to hash rate growth and hash price declines, all of this data tells a unique story about one of Bitcoin’s most important economic sectors.

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