Bitcoin miners are struggling in these bear markets, but that's not the only issue here.
Let’s explore what this means for the current Bitcoin cycle.Bitcoin mining profitability can be measured by taking the miner’s revenue per kilowatt hour . According to Jaran Mellerud, a Bitcoinfor Hashrate Index, a BTC mining bear market has a sustained period of revenue per kWh of less than $0.25. Under his assumption, he calculates using the most efficient Bitcoin mining machine on the market.
The 2018 bear market lasted nearly a year, sending kWh to a bottom of $0.12. Following the downtrend, a short bull market commenced until the 2019 bear market began. According to Mellerud, the 2019 bear market produced all-time low revenue per kWh of $0.083 and lasted 463 days, while Bitcoin price dropped to $5,000.
The most recent mining bear market started in April 2022 according to Mellerud’s analysis of revenue per kWh. As of Dec. 8, the current bear market has lasted for 225 days with a minimum revenue of $0.108 per kWh. The number is higher than in previous bear cycles due to high energy prices.Comparing the current bear mining cycles, a minimum of 138 bear market days may continue before the market turns.
After reaching the bull market peak in 2021, crypto mining stocks are under immense pressure, with many falling by 90%.The immense amount of debt taken on by public mining firms taken at Bitcoin’s all-time high is creating a massive debt-to-equity ratio.
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