Miners have endured debt and high operational costs as a result of the falling market. But could this change?
The massive price declines prompted miners to dispose of their assets to minimize potential losses. After years of accumulation, these network participants had sold off a significant portion of their holdings.more BTC than they made in the month of May. Big players such as Core Scientific had to part with their BTC stash in order to survive the tepid market conditions.As a knock-on effect, the prices of ASICs also took a hit.
The difficulty in mining a block of Bitcoin was also lowered by 5% to 27.67 trillion. As per BlockchainCom’s, network difficulty has continued to maintain its downward streak. Notably, this was the largest downward revision since the Chinese mining ban. There could be a silver lining here, as reduced difficulty adjustment could enable smaller miners a possibility to rake in rewards.
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