Daily Bitcoin miner revenue has dropped to the 17th percentile of the past year, while Marathon bought 1,000 BTC even as most miners are selling output to cover operating costs.
Bitcoin miners are facing a revenue squeeze, with daily Bitcoin miner revenue down 26% from a year earlier and now sitting at the 17th percentile of the last 12 months. The pressure on earnings highlights how lower prices can compress margins for miners, whose business depends on the value of newly mined coins relative to operating expenses such as power and equipment. Marathon bought 1,000 BTC this week despite the downturn, while most miners are selling newly mined BTC to pay for operations amid the price slump.