Mining Firm Hut 8 Reports 28% Drop in Q2 Revenue Following Bitcoin Halving
Bitcoin mining firm Hut 8 reported a sharp drop in revenue. However, the rising value of the firm's BTC holdings helped it finish the quarter in the black.
Some institutions have paused their buying, at least for the moment.
Analysts and mining pools say selling pressure from mining wallets hasn't contributed to recent corrections in bitcoin's price.
Greenidge's holding company announced the planned merger with Nasdaq-listed Support.com Monday.
Chinese miners are struggling to sell their crypto in ways that would quickly get them much-needed cash in the face of a government crackdown on local exchanges.
ASIC financing has driven Bitcoin's hashrate to all-time highs in 2020. By consequence, Bitcoin is less profitable to mine than ever.