Arcane Research: Bitcoin Miners' Revenue Falls to 2020 Levels
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According to analysts at Arcane Research, Bitcoin mining cash flow is down 80% from its peak in November 2021 to the levels of two years ago.

The company's experts have pointed out that the state-of-the-art Antminer S19 ASIC miner generates around $13,000 per BTC mined at an electricity cost of $40 per MWh. As a result, taking into account the current price of the cryptocurrency, the device operates at a loss.

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The company's analysts have highlighted public mining companies usually have access to lower electricity rates. In addition, their equipment fleet consists of highly efficient devices.

Despite this, the miners sold 100% of the Bitcoins mined during the month in May. Since the beginning of the year, they have been selling between 25% and 40% of the mined cryptos.

According to experts at Arcane Research, in addition to the fall in prices, the increase in the Bitcoin hashrate and, consequently, in the complexity of mining, have also affected the profitability of the activity.

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