BTC mining companies cut their revenues due to the prolonged crypto winter.
Despite the lowering yield, BTC network difficulty constantly increased throughout 2022.
Bitcoin, the oldest and largest cryptocurrency, closed last year with a loss of more than 60%. Additionally, the mining industry suffered from BTC's sharp price declines, with revenues falling 37.5% in 2022 to $9.55 billion.
Bitcoin Miners' Revenue Took a Dive in 2022
According to Glassnode data, mining revenues stood at $15.3 billion in 2021. However, the high-profile collapse of the TerraUSD ecosystem in May and the FTX crypto exchange in November negatively affected the industry as a whole.
Moreover, rising interest rates worldwide have increased pressure on risk assets, including equities. Cryptocurrencies, which are highly correlated with the stock market, have also begun to lose, negatively affecting the condition of digital assets mining companies.
The miners' daily revenue index reached a record high of $63 million in November 2021. However, by the end of 2022, it was at only $16 million, recording a very dynamic depreciation.
According to Doug Brooks, a Senior Advisor at XinFin Foundation, there are three main drivers for the strong decline in revenues: large increase in energy prices, lower value of Proof of Work currencies like Bitcoin and rising competition.
"There are more miners than ever now, some
are even publicly listed companies, so there is less bounty for each miner
since the pot size is limited," Brooks commented.
BTC Miners' Debts Grow
As revenues and profitability declined, Bitcoin miners found it increasingly difficult to repay their liabilities. According to Luxor data, the debt-to-equity ratio has tripled for many popular and publicly listed mining companies.
For Core Scientific, one of the BTC miners from Wall Street, the ratio reached 26.7. In addition, Argo Blockchain (NASDAQ:ARBK), one of the world's largest miners, increased its debt, with the debt-to-equity ratio jumping to 8.7.
Core Scientific was $1.3 billion in debt as of 30 September 2022, ultimately leading to a bankruptcy filing. On the other hand, Greenidge and Stronghold decided to restructure their current liabilities. The total debt among the ten miners analyzed by Luxor reached nearly $3.5 billion.
Will 2023 bring more debt and bankruptcies? According to Brooks, it "can most
certainly be expected in the mining industry this year, particularly if the
prices of BTC and other PoW-based currencies drop even further."
"Any significant
reduction in energy prices is not apparent and conversion to a more sustainable
and cost-effective energy source, where possible, would take time and be
costly. Many miners are already operating near or below break-even levels, so
their survival until any significant price bounce must be in doubt. Any further
increase in cost or reductions in revenues will accelerate the shutting down of
those in the weakest positions," Brooks added.
Significant Losses of Bitcoin Mining Companies
Although the largest publicly traded mining companies have not yet released their reports for the fourth quarter and the entire year of 2022, the most recent trading updates and third-quarter reports showed a significant deterioration in the industry's health.
Canaan Inc. (NASDAQ:CAN), a cryptocurrency mining hardware manufacturer, reported a significant drop in revenue and net income in November. During the three-month period that ended on 30 September 2022, the computing solutions provider achieved a revenue of $137.5 million, which is 26% lower than in 2021. On top of that, net income slid 90% quarter-over-quarter to $8.6 million.
Despite the decline in profitability, the BTC price and the valuation of mining the Bitcoin network difficulty has continued to rise throughout 2022. It clearly shows that despite the harsh conditions, the industry's competition has constantly been increasing.
At the beginning of 2022, it took 24 trillion hashes (TH) to generate a brand new Bitcoin, while 12 months later, the indicator reached a new all-time high of 37 TH. Since then, the difficulty of mining has decreased slightly to 35 TH but remains in the range of record highs.
Bitcoin, the oldest and largest cryptocurrency, closed last year with a loss of more than 60%. Additionally, the mining industry suffered from BTC's sharp price declines, with revenues falling 37.5% in 2022 to $9.55 billion.
Bitcoin Miners' Revenue Took a Dive in 2022
According to Glassnode data, mining revenues stood at $15.3 billion in 2021. However, the high-profile collapse of the TerraUSD ecosystem in May and the FTX crypto exchange in November negatively affected the industry as a whole.
Moreover, rising interest rates worldwide have increased pressure on risk assets, including equities. Cryptocurrencies, which are highly correlated with the stock market, have also begun to lose, negatively affecting the condition of digital assets mining companies.
The miners' daily revenue index reached a record high of $63 million in November 2021. However, by the end of 2022, it was at only $16 million, recording a very dynamic depreciation.
According to Doug Brooks, a Senior Advisor at XinFin Foundation, there are three main drivers for the strong decline in revenues: large increase in energy prices, lower value of Proof of Work currencies like Bitcoin and rising competition.
"There are more miners than ever now, some
are even publicly listed companies, so there is less bounty for each miner
since the pot size is limited," Brooks commented.
BTC Miners' Debts Grow
As revenues and profitability declined, Bitcoin miners found it increasingly difficult to repay their liabilities. According to Luxor data, the debt-to-equity ratio has tripled for many popular and publicly listed mining companies.
For Core Scientific, one of the BTC miners from Wall Street, the ratio reached 26.7. In addition, Argo Blockchain (NASDAQ:ARBK), one of the world's largest miners, increased its debt, with the debt-to-equity ratio jumping to 8.7.
Core Scientific was $1.3 billion in debt as of 30 September 2022, ultimately leading to a bankruptcy filing. On the other hand, Greenidge and Stronghold decided to restructure their current liabilities. The total debt among the ten miners analyzed by Luxor reached nearly $3.5 billion.
Will 2023 bring more debt and bankruptcies? According to Brooks, it "can most
certainly be expected in the mining industry this year, particularly if the
prices of BTC and other PoW-based currencies drop even further."
"Any significant
reduction in energy prices is not apparent and conversion to a more sustainable
and cost-effective energy source, where possible, would take time and be
costly. Many miners are already operating near or below break-even levels, so
their survival until any significant price bounce must be in doubt. Any further
increase in cost or reductions in revenues will accelerate the shutting down of
those in the weakest positions," Brooks added.
Significant Losses of Bitcoin Mining Companies
Although the largest publicly traded mining companies have not yet released their reports for the fourth quarter and the entire year of 2022, the most recent trading updates and third-quarter reports showed a significant deterioration in the industry's health.
Canaan Inc. (NASDAQ:CAN), a cryptocurrency mining hardware manufacturer, reported a significant drop in revenue and net income in November. During the three-month period that ended on 30 September 2022, the computing solutions provider achieved a revenue of $137.5 million, which is 26% lower than in 2021. On top of that, net income slid 90% quarter-over-quarter to $8.6 million.
Despite the decline in profitability, the BTC price and the valuation of mining the Bitcoin network difficulty has continued to rise throughout 2022. It clearly shows that despite the harsh conditions, the industry's competition has constantly been increasing.
At the beginning of 2022, it took 24 trillion hashes (TH) to generate a brand new Bitcoin, while 12 months later, the indicator reached a new all-time high of 37 TH. Since then, the difficulty of mining has decreased slightly to 35 TH but remains in the range of record highs.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
๐ฃ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
๐ฃ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
๐ Facebook: https://www.facebook.com/financemagnates/
๐ธ Instagram: https://www.instagram.com/financemagnates_official
๐ฆ X (Twitter): https://twitter.com/financemagnates/
๐ก RSS Feed: https://www.financemagnates.com/feed/
โถ๏ธ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
๐ฃ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
๐ Facebook: https://www.facebook.com/financemagnates/
๐ธ Instagram: https://www.instagram.com/financemagnates_official
๐ฆ X (Twitter): https://twitter.com/financemagnates/
๐ก RSS Feed: https://www.financemagnates.com/feed/
โถ๏ธ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
๐ฃ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
๐ Facebook: https://www.facebook.com/financemagnates/
๐ธ Instagram: https://www.instagram.com/financemagnates_official
๐ฆ X (Twitter): https://twitter.com/financemagnates/
๐ก RSS Feed: https://www.financemagnates.com/feed/
โถ๏ธ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
๐ฃ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
๐ Facebook: https://www.facebook.com/financemagnates/
๐ธ Instagram: https://www.instagram.com/financemagnates_official
๐ฆ X (Twitter): https://twitter.com/financemagnates/
๐ก RSS Feed: https://www.financemagnates.com/feed/
โถ๏ธ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
๐ฃ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
๐ Facebook: https://www.facebook.com/financemagnates/
๐ธ Instagram: https://www.instagram.com/financemagnates_official
๐ฆ X (Twitter): https://twitter.com/financemagnates/
๐ก RSS Feed: https://www.financemagnates.com/feed/
โถ๏ธ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐