Bitcoin Miners Face Challenges Amid Rising Costs and Lower Rewards. Bitcoin miners are currently navigating a challenging period marked by rising operational costs and lower rewards. Despite these difficulties, industry analysts suggest that the situation is not catastrophic. The miners are “treading water” rather than capitulating to a full-scale bear market scenario, according to recent analysis.Current State of Bitcoin MiningJames Check, the lead analyst at Glassnode, recently discussed the current state of Bitcoin mining in a video posted on June 21. He noted that the Bitcoin network is experiencing a “hash ribbon inversion,” where the 30-day moving average of the hash rate crosses below the 60-day moving average. This inversion signals a period of increased mining difficulty and is often indicative of operational challenges such as higher costs or lower Bitcoin prices.
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