CryptoVizArt, a senior researcher at Glassnode, recently took to Twitter to share some concerning news about Bitcoin miners. According to their Puell Multiple ratios, miners are still under a significant amount of financial stress, despite the recent uptick in the price of Bitcoin.
For those unfamiliar, the Puell Multiple ratios measure the daily USD value of miners’ revenue against the average income they earned over the past year. If the ratio falls below 1, it indicates that miners are earning less than their yearly average income, putting them under high pressure.
Unfortunately, the Puell Multiple has remained below 1 for approximately 440 days in the current bear market, equivalent to around 60% of the last 2 years.
It is due to both the price contraction and the rising hashrate, which has caused extra pressure on miners by lowering the share of existing miners from the overall fixed block reward.
To provide a more realistic estimation of the contraction in miners’ revenue, the adjusted Puell Multiple was investigated. The results showed that miners still earn 12% less than their yearly average income.
Overall, the current bear market has put a lot of stress on miners’ revenue due to price contraction and difficulty rising to new ATH.
Credit was given to dpuellARK, the mastermind behind Puell Multiple. It is hoped that if the difficulty remains unchanged, a break above $33.6k will signal the end of the bear market for miners.
Bitcoin Miner Bitdeer’s Nasdaq Listing Sees 30% Drop In Shares
In another latest update, Bitdeer, one of the world’s largest Bitcoin miners, was listed on the Nasdaq on Friday under the ticker BTDR. However, its reception was lukewarm, with shares losing almost 30% of their value and trading at $6.81 at the time of publication.
Moreover, Bitdeer’s merger with Blue Safari Group Acquisition Corp, a special-purpose acquisition vehicle (SPAC), was approved on Tuesday. Additionally, the Singapore-based firm has six mining sites across Washington state, Texas, Tennessee, and Norway, with a total energy capacity of 775 MW and a hashrate of 16.2 EH/s. Nevertheless, Bitdeer’s financial performance also deteriorated in 2022, reporting revenue of $330.3 million and a loss of $62.4 million.
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