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These Six Charts Show How Bitcoin Mining Is Enduring The Bear Market

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Zack Voell

Bitcoin mining companies continue struggling to survive the ongoing bear market. Dreams of outperforming bitcoin as a public mining company are long gone. Bankruptcies and lawsuits make routine headlines. And even Wall Street analysts that were once bullish on bitcoin mining investment opportunities now say they’re “pulling the plug” until the market improves. But exactly how bad is the current bear market?

It’s always darkest before dawn, as the adage says. And compared to previous bear markets, the mining industry looks much closer to the end of a turbulent market phase than the beginning of it. This article explores a bunch of data sets from the current and previous bear markets to contextualize the state of the industry and how the mining sector is faring. From hardware lifecycles and miner balances, to hash rate growth and hash price declines, all of these data tell a unique story about one of Bitcoin’s most important economic sectors.



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