Miners Thrive Despite Bitcoin Price

The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

$30,000 Support Fails To Hold 

The ugly price action has continued for bitcoin, as the $30,000 support was broken late Sunday night. The next Daily Dive will focus on some of the probable factors at play and potential scenarios for the bitcoin market, while this letter will highlight the latest trends around bitcoin miners in particular.

Bitcoin Mining Difficulty

Bitcoin mining difficulty adjusted downward on Sunday for the fourth time in a row. The -4.81% adjustment is following the historic -27.94% adjustment in the prior epoch that was caused by the record mining migration out of mainland China.

The latest adjustment is another positive sign for entities who were able to keep their operations running, as the adjustments over the past two months have reduced difficulty by 45.5% from the all-time high, significantly increasing BTC denominated revenue for mining operations.