Bitcoin Miners Abandon Ship as Profit Margins Plunge

Bitcoin miners are struggling to remain profitable due to rising mining difficulty and stagnant BTC prices.

The average all-in cost of mining a single BTC token exceeds its value by ~$13,000, making it unviable for many miners.

As a result, some miners are pivoting to the more lucrative business of operating data centers for AI and high-performance computing (HPC) tenants.

Bitdeer's Q2 revenue reached $228.8 million, but soaring costs resulted in an operating loss of $101.7 million, with net losses nearly 50% larger than last year.

Riot Platforms reported a net loss of $237.3 million in Q2 despite revenue growth, with mining revenue falling by nearly one-fifth year-on-year.