Bitcoin fell by 2%, and bitcoin mining revenue decline

The bitcoin price fell 2.00% early this morning (June 29) to $20,400.29.

After the Dow Jones Industrial closed down 491 points on Tuesday (June 28), bitcoin moved into negative territory this morning.

  • The Dow Jones Industrial Average fell 491.27 points, or 1.56%, to close at 30,946.99.
  • The S&P 500 was down 78.56 points, or 2.01%, to close at 3,821.55 points.
  • The Nasdaq fell 343.01 points, or 2.98%, to close at 11,181.54.

Movements in the Crypto Space

Bitcoin mining revenue fell to $14.401 million in June compared to the same period last year.

The bitcoin price has fallen to the $20,000 support level after a year and a half of the bitcoin mining boom. Mining is the most important component of the ecosystem to do business. The change in bitcoin price directly affects miners’ revenue.

In June 2022, total revenue from mining fell below $20 million, according to Blockchain.com. A low of $14.401 million was recorded on June 17, 2022.

The last decline in bitcoin mining revenue occurred in 2021, when revenue fell to $13.065 million on June 27, 2021. At the time, Bitcoin was trading at around $34,000.

Shortly thereafter, the five-month Bitcoin bull market began, fueled by the introduction of Bitcoin in El Salvador and the introduction of Bitcoin laws around the world.

Several Bitcoin miners have been shown to have the potential to survive the downturn. Although revenues have dropped following the decline in bitcoin prices.

The Spot Market is Open

Wednesday, June 29, 2022

Crypto
Updated at
USD
Price

Change

%Change
13.50 BTC20,121.82-521.64-2.53
13.50 ETH1,129.92-56.17-4.74
13.50 LTC52.12-2.22-4.09
13.50 BNB219.41-17.58-7.42
13.50 XRP0.33-0.01-3.25
13.50 ADA0.47-0.01-2.78
13.50 DOT7.17-0.43-5.61
13.50 DOGE0.07-0.00-5.68
13.50 UNI4.86-0.26-5.00
13.50 LINK6.30-0.27-4.14

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