Bitcoin miners are on the verge of ruin - the income from mining PTS has ceased to cover the costs o
The fact that things are going badly for cryptocurrencies is beyond doubt even among those who consider themselves optimists and believe in a bright future for digital assets. It is quite possible that in 3 years Bitcoin will return to growth, but we are living in 2022, which means we need to solve current problems. Well, this good is always in abundance. For example, global tensions. Cryptocurrencies have not managed to secure the title of stable assets, so most investors are aware of all the risks, hoping to make money on exchange rate fluctuations. Since only hard currencies are valued in difficult times, it makes no sense today to enter digital gold with millions of dollars under your shoulders. Experts do not get tired of blaming the United States, where a lot of internal contradictions have accumulated, ranging from political confrontation to economic difficulties. Inflation is breaking records, and we are talking about a dollar economy. All states have savings in dollars, which means that the fall in the value of the US national currency automatically leads to the fact that the reserves of most countries will lose weight by about the same figure.
And these are not all the problems that can be said. The fact is that we often consider what is happening on the one hand, forgetting about the existence of a community of miners engaged in the extraction of certain cryptocurrencies. They are not only the driver for the growth of the Bitcoin exchange rate, attracting investors, but also the weak link, since they are the first to pump the market with cheap cryptocurrency. At the same time, all farms are divided into three categories. The first is small farms owned by enthusiasts. It can be one or several ASIC miners that bring a small but stable income. The second is medium-sized farms. The framework is quite transparent here, but the bottom line is that even with hundreds of ASIC miners, you are unlikely to be considered a giant. But there are still others who have secured the proud name of major players. According to statistics, at least 20% of the total Bitcoin hashrate is generated by this group.
Since all the remaining 80% are focused on a small group of large fish, it is on the welfare of these players that the stability of Bitcoin depends. That's just the stability is very bad. According to Bloomberg's findings, many of the major players are so heavily credited that they simply have no chance of survival. But is everything as bad as journalists believe? If you pay attention to the graph below, you can come to the conclusion that today absolutely all miners from the third group come out in a big plus. Well, Stronghold has the most minimal expenses ($3,648). As it turned out, the reason lies in the presence of its own power plants. Stronghold Digital Mining is not just a giant, but also has lobbyists in the Pennsylvania state government. A simple fact: two mines generate energy by burning coal. The explanatory note of the officials says that coal waste is being used, which makes it possible to assign green status to miners, equating them to those who use clean energy from water, wind or the sun. Argo even placed their facilities near one of the largest power plants in Texas, receiving electricity at $ 20 per 1 MWh.
But this is only one side of the coin, while there is another, reflecting the real incomes of miners. According to statistics, not only energy efficiency is important, but also purposefulness. Core Scientific earned net more than $16 million in June, spending exactly the same amount on farm maintenance. In fact, both indicators are important, but there are also debt payments. For example, Marathon managed to earn a net $7 million in June, but must transfer $260 million to creditors by the end of 2022. Analysts note that the reason is the constant increase in capacity, since Marathon is forced to buy a lot of iron to maintain a stable profit. That's just during the rapidly cheaper cryptocurrencies, this idea seems hopeless.
Experts believe that few people will be able to get out of the outbreak of crypto-winter. Creditors will definitely demand their money back, and companies like Marathon obviously will not collect the required amount even in 3 years. Nobody wants the collapse of the giants, because banks and credit institutions have no idea what to do with thousands of ASIC miners. Do not put them on the secondary market for a song. Source.
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