Bitcoin miners escape bear trap –

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After a harsh crypto winter, Bitcoin and many other cryptocurrencies are now happily waking up. It seems that the difficult year of 2022 is slowly being forgotten. Now, bitcoin miners are finally escaping the bear trap.

The year 2023 started very well for Bitcoin. A significant increase began immediately at the turn of the year. Support seemed to be restored after the recent turmoil. Now it was time to take advantage of this moment and further promote the cryptocurrency.

At the beginning of April, Bitcoin saw its second big increase this year. It has long since risen above the USD 28,000 mark, which was considered an important support line in the past.

These clear upward movements occurred after the announcement of a banking crisis in the USA. It seemed that more people were turning their backs on classic finance and looking at cryptocurrencies as an alternative. This was good for the value of BTC and it rose sustainably.

The price was able to maintain this upswing for a long time and even extended it about two weeks ago. On April 11, it climbed above USD 30,000 for the first time this year. However, he seemed to have to work much harder on this mark than in the previous section. Investors did not seem convinced of a return. Weak support at this point.

From April 18, there was a correction in the price of Bitcoin. The price has also dropped slightly in the last 24 hours. today its value is $27,318. The major cryptocurrency’s market cap today is $528.97 billion.

The crypto market is always in motion. Even small news from the economy or other crypto platforms can cause it to break out. For this reason, many traders are not only looking for a way to buy cheap coins, but also to keep up to date with new cryptocurrencies.

Mining revenues are increasing again

Along with the Bitcoin price, the income from mining is also increasing. Viewers had a very difficult time last year. The current 30-day average mining revenue is $27.34 million per day, according to

In the second half of last year, the value was “only” 15 to 21 million USD. Miners peaked at $61.2 million in mining revenue in November 2021.

Jaran Mellerud, an analyst at Bitcoin mining service provider Luxor, wrote a few lines on Twitter about the miner’s earnings.

“Many public miners were on the verge of bankruptcy late last year. At the current Bitcoin price, the cash flow of these companies has improved significantly and most of them should have no problem paying their obligations.”

It is therefore a firm assumption that Bitcoin miners can now pay expenses and debts again as a result of the price increase and can expect increased income in the future.

The basic structure could be significantly improved

Due to the increase to date, some companies have already managed to significantly improve their debt to equity ratio. According to Luxor, the company Marathon Digital Holdings was able to reduce this value from two to 0.5. GREE.O, (Greenidge Generation Holdings) was even able to lower it from 11.7 to 5.8.

Looking to the future, Luxor writes that the second quarter could mean high growth for the company itself.

“In the second quarter, Luxor is looking forward to continued high growth in terms of the number of market participants and the amount of traders.”

Mitigation is fundamentally good for the price of bitcoin and miners

In summary, the crypto market has suffered from many factors over the past year. At first he was still struggling with some of the consequences of the corona pandemic. In the spring, the war broke out in Ukraine, which caused great fear and panic.

After that during the summer inflation was skyrocketing and energy prices were rising sharply. As a result, investor support fell. Retail investors may have run out of money to invest in cryptocurrencies.

The pressure on the economy increased significantly with each increase in the main interest rate and the published data on inflation.

At the end of the year, however, this picture began to change. The inflation figures are falling very slowly, but they are no longer rising. The main interest rate will no longer be raised to the same extent as in the autumn and winter of 2022.

So the overall situation is improving, which Bitcoin is currently benefiting from. Because investors seem to have more confidence now thanks to a stable environment and more money is likely to be available again.

The falling electricity prices also add significantly to this picture. Because Bitcoin miners could no longer continue their business due to the significant electricity costs or had to go into debt to pay their own bills.

The relaxation on the side of the economy and the energy crisis is good not only for the value of Bitcoin itself, but also for each individual miner. The current figures and pictures of the courses suggest that the bear trap for the trackers is now over.

In the coming weeks and months, this could not only have a positive impact on strong cryptocurrencies like Bitcoin. A new project, which is currently being pre-sold, could benefit from a stable environment.

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Photo by Kanchanara

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