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Report: Bitcoin Mining Enters "Worst Profit Cycle in History", Mining Companies Under Pressure
Jinse Finance reports that TheMinerMag states that the Bitcoin mining industry is experiencing the most severe profit contraction in 15 years, with hash prices dropping to a structural low of about $35/PH/s. The recoup investment cycle for new generation Mining Rigs has extended to over 1000 days, while the next Halving is only about 850 days away. As profitability worsens, mining companies are beginning to deleverage, with CleanSpark having fully repaid its Bitcoin collateralized credit line. Mining company stocks have also seen a big dump, with MARA, CleanSpark, Riot, and HIVE experiencing declines between 32% and 54% since mid-October.
BTC-2.56%
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