$BTC -Miners have found themselves in the most challenging environment since the inception of the first cryptocurrency: expected daily income has fallen below average total costs, and the payback periods for equipment are extending beyond the next halving. This was reported by The Block, referencing a report from BRN.

This is occurring despite the fact that the end of quantitative tightening by the Federal Reserve has added $13.5 billion in liquidity to the banking infrastructure — however, the reaction of the cryptocurrency market has remained subdued.

According to BRN, the potential earnings of miners per unit of hash rate have decreased from approximately $55 in Q3 to around $39.6 at the time of writing, according to Hashrate Index. This is significantly below the average total costs of $44 among large public miners, as noted by BRN research head Timothy Misir.

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