Bitfinex Report: Bitcoin Miners’ Reserves Hit a Low Point for June 2021, Emerging as the Primary Driver for Recent Price Decline

Bitfinex Report: Bitcoin Miners' Reserves Hit a Low Point for June 2021, Emerging as the Primary Driver for Recent Price Decline

Bitfinex Report: Bitcoin Miners' Reserves Hit a Low Point for June 2021, Emerging as the Primary Driver for Recent Price Decline

According to a previous report by Zombit, analysts from financial services company Cantor Fitzgerald have observed that if the price of Bitcoin fails to rise significantly after halving, 11 of the largest listed mining companies may struggle to profit from mining. Analysts predict that Argo Blockchain and Hut 8 could be the least profitable mining companies after halving (based on current prices). Assuming Bitcoin is priced at an average of $40,000 and there are no significant changes in computing power, the only companies that can maintain profitability after halving are Singaporean mining company Bitdeer and American mining company CleanSpark.