Bitcoin miners struggle with crypto’s price decline, rising energy costs, and increase in mining difficulty

Bitcoin mining industry's daily revenue plummeted to $18 million from a peak of $62 million in November. Many miners invested heavily in new mining infrastructure in 2021 to gain a share of the profits. The industry’s total revenue went up to $16.7 billion in 2021 from $5 billion in 2020, Arcane Research analysts say. More miners have been selling their bitcoin holdings, and Core Scientific sold 7,202 bitcoins at an average price of about $23,000 per coin for a total of $167 million, according to a Tuesday statement. The price of bitcoin BTCUSD, +0.88% has fallen more than 70% from its record high last November, the analysts said. The Bitcoin network, by its design, increased its difficulty Source