Bitcoin Miners Books Bleed Red
March was the worst month on record as BTC price touched record lows for the first time after Donald Trump's re-election.
Bitcoin mining's coal dependency has plummeted 43% since 2011, whilst 14 top public mining companies just suffered their "worst month on record" in March, JP Morgan wrote in its report.
The listed miners collectively experienced their darkest hour, with 25% market cap valuing about $6 billion being eroded in March.
"What we're seeing isn't just a bad month — it's a structural reckoning in the mining sector," the investment bank said in its report.
What led to this?
Bitcoin's 22% retreat from January's $109,000 high
April 2024's halving that slashed block rewards to 3.125 BTC
Mining difficulty surging to an all-time high of 816 EH/s
Transaction fees going down to a 1.25% of block rewards
The result? Mining revenue has cratered to $47,300 per exahash — barely enough to cover electricity costs for many operations.
Read: The Bitcoin Mining Dilemma ⛏️
The Coal Divorce
The MiCA Crypto Alliance report reveals that coal's contribution to Bitcoin's energy mix has collapsed from 63% in 2011 to a mere 20% in 2024. Meanwhile, renewable energy adoption has climbed to 40.75% in 2024.
