Bitcoin Miners Face Margin Pressure as Daily Revenue Hits Record Low
- Hashrate Decline: According to a JPMorgan report, Bitcoin's average network hashrate fell by approximately 30 EH/s, or 3%, in December, indicating reduced competition; however, market conditions continue to limit miners' profitability.
- Revenue Drop: Daily average block reward revenue for Bitcoin miners decreased to about $38,700 per EH/s, reflecting a 7% month-over-month decline and a 32% year-over-year drop, marking the lowest level on record and highlighting ongoing profitability challenges.
- Rising Electricity Costs: Increased electricity costs across multiple regions, combined with Bitcoin prices remaining below recent highs and reduced block subsidies from the latest halving, have further squeezed miners' margins, pushing many close to breakeven levels.
- Mixed Market Performance: Despite weak operational profitability, the combined market capitalization of 14 U.S.-listed Bitcoin miners reached $48 billion by year-end, a 73% year-over-year increase, though performance varied significantly among companies, with Hut 8 gaining 2% while CleanSpark fell by 33%.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36425.103 | 48212.552 | 61160.853 | 72948.302 | 85896.603 | 97684.052 | 110632.353 |
| Fibonacci | 48212.552 | 57661.608 | 63499.245 | 72948.302 | 82397.358 | 88234.995 | 97684.052 |
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