- \n
- Bitcoin experienced significant price volatility in late February and early March, with values fluctuating between US$78,452 and US$94,727.<\/li>\n
- JPMorgan reported a collective 22% drop in mining stocks and a 5% decrease in mining revenue, with miners averaging US$54,300 per EH\/s.<\/li>\n
- Marathon Digital (MARA) reported a 6% decline in blocks won and Bitcoin production, attributing this to February\u2019s shorter month and increased network difficulty.<\/li>\n
- Broader macroeconomic concerns, including potential trade tensions, are adding additional pressure to the cryptocurrency and mining ecosystem.<\/li>\n<\/ul>\n<\/div>\n
The crypto market continues its wild ride<\/a>, as the seven-day Bitcoin<\/a> chart looks like the waves cyclone Alfred is causing off the Queensland coast right now. The price of the OG crypto dipped as low as US$78,452 at the end of February and reached a top of US$94,727 on March 3 \u2013 volatility that could make even the most hardened sailor\u2019s stomach churn.<\/p>\n
Bitcoin (BTC), weekly chart, source: CoinMarketCap<\/figcaption><\/figure>\n Bitcoin Miners See Earnings Drop as MARA Opens New Facility<\/h2>\n
But not only crypto traders and sailors have been caught up in the storm, miners haven\u2019t fared well either.<\/p>\n
Related:<\/strong> <\/strong>Slam Dunk in the Crypto Court: Rumble Kong League Set to Launch FAME Token on Ronin<\/strong><\/a><\/p>\n
According to a report by JPMorgan, mining stocks of 14 top miners all fell by a collective 22%. JPMorgan tracks public miners such as Riot Platforms, Bitdeer, Marathon Digital and Core Scientific.<\/p>\n
The report also noted that mining revenue for these companies is down 5% in February from the previous month, and suggests miners earned on average just US$54,300 (AU$86,751) per EH\/s.<\/p>\n
EH\/s stands for Exahashes per second, which is a unit used to measure the computational power or hash rate in Bitcoin mining.<\/p>\n
In a press release<\/a> from yesterday, Marathon Digital (MARA) also reported a drop of 6% in its blocks won and Bitcoin production \u2013 some of the most important metrics to evaluate a miner\u2019s productivity.<\/p>\n
Fred Thiel, chairman and CEO of MARA, said \u201cbitcoin production per day increased 4% over January\u201d, while \u201cBlocks won and bitcoin production decreased by 6% month-over-month\u201d. He cited the shorter month of February and a \u201chigher network difficulty level\u201d, as the main reasons behind the decrease.<\/p>\n
The Fort Lauderdale, Florida-based company is also about to finish construction of a new \u201c40-megawatt data center in Ohio\u201d, which will ultimately house more than \u201cten thousand S21 Pro immersion miners\u201d.<\/p>\n
Trump\u2019s Trade War Sparks More Macro Concerns<\/h2>\n
The broader macroeconomic environment may cause more headaches for miners going forward, as Trump-induced tariff wars worry investors.<\/p>\n
US President Donald Trump launched a trade war by slapping tariffs on key partners Canada, Mexico and China.<\/p>\n
Related:<\/strong> <\/strong>Billionaire Ricardo Salinas Shifts 70% of Liquid Assets to Bitcoin, Shuns Bonds in Bold Investment Pivo<\/strong><\/a><\/p>\n
While China and Canada have already retaliated with powerful tariffs of their own, Mexico\u2019s President Claudia Sheinbaum said she\u2019s hopeful that a deal with Trump can be reached.<\/p>\n
Economists have widely condemned Trump\u2019s move and markets have reacted with panic. The S&P 500 has erased almost all gains made after the rally on election day, as the bellow Bloomberg <\/em>chart shows \u2013 as the day following the tariff announcement saw one of the worst sell-offs.<\/p>\n
Source: Bloomberg<\/figcaption><\/figure>\n And crypto hasn\u2019t been spared, with almost 250k traders liquidated to the tune of US$778.39 million (AU$1.2 billion) in the past 24 hours, as data<\/a> from Coinglass<\/em> shows.<\/p>\n<\/p><\/div>\n
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