Bitcoin Mining Profitability Returns To 2020 Levels, But Why?

Data shows the Bitcoin mining profitability has dropped down to just 2020 levels, here are some reasons behind this trend. Bitcoin Daily Miner Revenues Declined Almost 10% In Last Week Alone As per the latest weekly report from Arcane Research, BTC miners are now making just $17.9 million per day, the lowest since November 2020.

Timeline of Bitcoin

Bitcoin [BTC] traders have found themselves in a nail-biting situation this week following its downside in the last seven days. The bearish performance sent BTC crashing and at press time, the crypto king stood in a critical zone on a short-term support.

The United States Federal Reserve raised interest rates by 75 basis points after the Federal Open Market Committee (FOMC) meeting on September 21, bringing the Federal Funds Rate to 3.25%. The post Fed announces 75 bps rate hike; Bitcoin tanks 6.5% on the news appeared first on CryptoSlate.

A veteran trader known for calling the last big Bitcoin (BTC) collapse this year is predicting an imminent relief rally in anticipation of the Federal Open Market Committee (FOMC) meeting Wednesday morning.

The world's largest producer of application-specific integrated circuit (ASIC) bitcoin miners, Bitmain Technologies, has revealed the company is offering a discount on Antminer S19 Pro mining rigs. The 100 terahash per second (TH/s) machine is selling for $19 per terahash or $1,900 per unit.

Despite the overall bearishness of the crypto market, there are many analysts out there that seem to believe bitcoin still has what it takes to hit a $100,000 price. Bitcoin Is Stronger Than It Looks Right Now The state of bitcoin is rather poor as of late.

Bitcoin and other cryptocurrencies in the market have had an interesting week-and-a-half. From the CPI report to the completion of the Ethereum Merge, it has been a rollercoaster of volatile activity across the market.

One of Bitcoin's most vocal advocates, Max Keiser, has once again criticized ethereum in the wake of the much-anticipated upgrade to the world's second-largest crypto by market value.

The Bitcoin price has been moving sideways over the past few days bound solely to macroeconomic factors. The benchmark cryptocurrency was rejected north of $20,000 after “The Merge” and seems poised to face volatility over today's trading session.

The third quarter (Q3) of 2022 has been one filled with intense scrutiny of crypto assets with Bitcoin [BTC] at the heart of it. The king of crypto asset, recently, witnessed a dip in its tractions due to developments on major blockchains such as Ethereum [ETH] and Cardano [ADA].

BTC/USD Searches for Direction:  Sally Ho's Technical Analysis – 22 September 2022   Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair continued to orbit the psychologically-important 20000 figure following elevated volatility over the past several trading sessions.  Traders recently knocked BTC/USD as low as the 18255 level, its weakest print since June, after Stops were elected below the 18603 area during the depreciation.