Bitcoin mining revenue mirrors 2021 lows, right before BTC breached $69K
The key to survival for Bitcoin miners boils down to the delicate balance between the revenue and the operating cash flow. Bitcoin (BTC) visiting the $20,000 range after one and a half years made Mining — the most important job of the ecosystem — a costly affair. However, if history were to repeat itself, BTC investors may witness another epic bull run that previously helped Bitcoin reach an all-time high of $69,000. Changes in Bitcoin prices directly impact the miners’ income, who earn fixed block rewards and transaction fees in BTC for running their mining operations. In June 2022, the total mining revenue dipped below the $20 million range, with Blockchain.com data recording the lowest dip of $14.401 million on June 17. Total miners revenue over time. Source: blockchain.com As shown above, the recent dip in Bitcoin mining revenue was last seen one year back when the total value tanked to $13.065 million on June 27, 2021 — back when BTC traded at roughly $34,000. What followed afte...