Bitcoin mining revenue has seen a steady increase since the start of the year, despite the top five largest crypto mining companies collectively losing $2.8 billion of their market Cap following last Thursday’s Bitcoin (BTC) flash crash.Hut 8 and Cipher experienced the most significant percentage decline, losing 32%, equivalent to over $400 million of their market capitalization, respectively. Meanwhile, Riot Blockchain led the losses in terms of monetary value, with its 31% drop equaling $1.08 billion. Marathon Digital Holdings, the world’s second-largest crypto miner, saw a 25% decrease, resulting in a $790 million market cap loss. Canaan Inc. observed a 16% drop, reducing its valuation to $460 million.Despite the crypto-mining companies’ decreasing market capitalization, miner revenue has seen a 43% increase from the beginning of the year. The report shows miners’ earnings climbing from $601.2 million in January to $856 million in July.On Aug. 22, Bitcoin mining difficulty surged by 6.17% to reach an unprecedented high of 55.62 trillion hashes. This difficulty increase is coming on the heels of Bitcoin rising to an all-time high of more than 400 trillion hashes per second (Th/s) for the first time during the past week. This surge in numbers highlights the significant uptick in miners’ hash rates, signaling a potential end of miners’ capitulation. Bitcoin mining revenue has seen a steady increase since the start of the year, despite the top five largest crypto mining companies collectively losing $2.8 billion of their market Cap following a flash crash. Hut 8 and Cipher experienced the most significant percentage decline, losing 32%, while Riot Blockchain led the losses in terms of monetary value, with its 31% drop equaling $1.08 billion. Marathon Digital Holdings, the world’s second-largest crypto miner, saw a 25% decrease, resulting in a $790 million market cap loss. Canaan Inc. observed a 16% drop, reducing its valuation to $460 million.Despite the crypto-mining companies’ decreasing market capitalization, miner revenue has seen a 43% increase from the beginning of the year. On Aug. 22, Bitcoin mining difficulty surged by 6.17% to reach an unprecedented high of 55.62 trillion hashes. This surge in numbers highlights the significant uptick in miners’ hash rates, signaling a potential end of miners’ capitulation.
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | None |
| Companies | Riot Blockchain, Marathon Digital Holdings, Canaan Inc., Hut 8 Mining, Cipher Mining Technologies, AltIndex, TheBlock, mempool.space, CryptoSlate |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
