Bitcoin prices have continued to hold near $20,000 this past week, but some miners are crumbling as spiking energy prices and historically low hash prices cut into profits.

“There are a lot of different issues in motion. Obviously the global recession is looming, on top of inflation and rising prices of electricity,” Christopher Perceptions, founder of PerceptForm and CEO of NoCodeClarity (no-code web3 apps), told TechCrunch.

“Miners are struggling for a multitude of reasons right now,” Nick Hansen, CEO of crypto-mining firm Luxor, said to TechCrunch. “We’re seeing historically low hash price, which means that miner revenues are at all-time lows.”

Image Credits: Hashrate Index

Additionally, energy prices have increased across many markets, which means miners’ expenses are at all-time highs, Hansen said.

Bitcoin miners struggle as energy prices rise and hash prices fall by Jacquelyn Melinek originally published on TechCrunch