In 2022, Bitcoin mining revenue fell 37.5% from the previous year to $9.55B. Bitcoin miners earned approximately $15B in 2021, according to statistics.
The LUNA-UST crisis and the collapse of FTX were the events that affected the cryptocurrency market the most in 2022. Firms such as Core Scientific, Greenidge Generation and Stronghold Digital Mining were in dire straits due to high energy costs and falling Bitcoin prices.
In September, Compute North, which provides data center services for Bitcoin mining firms, filed for bankruptcy. Recently, Core Scientific has filed for Chapter 11 bankruptcy. Bitcoin mining firm Argo Blockchain, which stated that its shares fell by more than 95% in 2022, has been seeking funds. The firm is trying to avoid bankruptcy as it struggles with cash flow issues along with a significant part of the industry.
