Following the market crash caused by the fall of significant crypto exchange FTX, Bitcoin miners’ perceived revenue has decreased sharply.
Data from on-chain analytics provider Glassnode shows that Bitcoin mining revenue has fallen down to $11.67 million. The coin had not traded at such a low level since Nov. 2, 2020 – when it was trading at $13,500.
There is a significant increase in Bitcoin hashrate compared to when mining revenue was at such a high level earlier this month, but it is also lower than about a month ago. The difficulty of mining, however, recently soared to nearly 37 trillion.
According to a recent report, one popular analyst predicted Bitcoin’s price would fall despite the fact that “people are turning bullish without a cause.” In addition to reaching lower lows and lower highs, Bitcoin also consolidated below June’s low, and the coin’s supply is increasing, all of which are bearish signs for the world’s first cryptocurrency.