Bitcoin Miners Turn Unprofitable as Market Distress Intensifies

The cryptocurrency market has entered a phase of genuine distress as Bitcoin miners face negative earnings and record short-term losses.

Data from Antpool shows that daily earnings for common mining rigs have turned negative, forcing smaller operators to shut down.

The price collapse erased $80 billion in market capitalization in a single session and has left 10.5 million Bitcoin held at a loss, surpassing the aftermath of the FTX implosion.