According to a report by JP Morgan, publicly traded Bitcoin miners experienced their worst month ever in March, with a total market cap decline of about 25%, equating to nearly $6 billion. The report highlighted that top companies in this sector, including Marathon Digital Holdings (MARA) and Core Scientific, faced significant challenges, with many miners diversifying into AI data center operations to bolster revenue. This downtrend follows another significant decline in February, where the miners also lost around $6 billion in market value. As Bitcoin's price continues to fluctuate, miners suffer from increased costs and competition, making profitability difficult. Currently, Bitcoin trading is about 22% lower compared to its peak during the previous January. The ongoing difficulties in the mining sector highlight the volatile nature of the crypto market and the unique challenges faced by Bitcoin miners as the industry evolves amidst rising operational complexities.

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