The bear market is affecting all parts of the crypto world including bitcoin miners. They are experiencing a heavy decline in their revenue, especially this year so bitcoin miner Mawson stop mining until market conditions stabilize.
Recently Bitcoin mining company Mawson infrastructure group express that they will stop paying out till the market stabilize. They were reducing their energy uses because of high electricity prices and a bear market.
Mawson received their final order from Canaan an ASCI bitcoin miners model A1246 in June and they have no further payment due for mining rigs. Mawson CEO James Manning says that “Even with a current volatile market Mawson is trying to continue the self mine & additionally we are lucky to have no active contract to buy ASCI bitcoin miners which allow us to focus on developing new business for an alternate source of revenue while bear marker”.
As bitcoin miner Mawson stop mining until market conditions stabilize. Mawson in the last monthly update expressed that they own over 40,000 ASCI bitcoin mining machines. And if we calculate the hash rate of their rigs it’s approximately 3.35 exahash per second accounting for over 1.671% of the bitcoin total network hash rate. In 2021 Mawson has generated $19.35 Million in their total revenue & spent $6.04 million in capital expenditures. The current bear market has effect bitcoin miners a lot. The report shows that miners have sold their entire may mined bitcoin. Due to the energy problem, the Bitcoin network’s total hash rate drops almost 25.2% in the past two weeks.
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