Bitcoin Mining Industry Faces Profit Squeeze: Stock Prices Rise Despite Revenue Decline

Revenue for Bitcoin miners is under strain as competition intensifies and Bitcoin’s price declines. A recent report from The Miner Mag shows that the network’s computing power has reached a new high, exceeding 1.16 ZH/s in October, even as Bitcoin prices approached $81,000 at the start of November. This rise in hashpower came despite a slide in Bitcoin’s price towards its recent low, signaling a challenging market condition for miners.