BTC miners are likely to go bankrupt

According to CoinDesk, BTC mining giant Giant Core Scientific wrote an article saying it would run out of cash at the end of the year, which would be the reason to cash in on its own BTC. The price of shares in mining companies already listed on NASDAQ is losing -90% compared to November 2021. In fact, if you look at BTC Miner Reserve, it peaked when BTC reached 23K in September this year, and miners sold BTC and cashed in.

Currently, the BTC Difficulty Index is at an all-time high, but Block Rewards USD, it is similar to the level that China banned BTC mining in July 2021. The mining competition is intensifying, but the rewards are too small, and the miners are being strangled even more.

This year, early next year, many miners are likely to fail to withstand current prices and go bankrupt.