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Bitcoin Miners Suddenly Realize They’Ve Been Living In A Fantasy World Where Their Get-Rich-Quick Scheme Actually Works

BitcoinDeFiEthereum 1 Kevin Nelson August 13, 2024

An illustration depicting a downward spiral with Bitcoin mining rigs at each point, surrounded by falling coins and declining graphs; one rig is shown being dismantled while another has smoke rising out of it indicating liquidation. In the background, an image of Bitfarms CEO Ben Gagnon can be seen looking worried as he holds up a graph showing decreasing revenue. The spiral ends with a single mining rig at its bottom point surrounded by empty space and broken machinery; one last coin is shown falling into oblivion below it.

Oh boy, it’s finally happening! Bitcoin miners are starting to feel the pinch as their daily revenues plummeted to a new yearly low of $2.54 million on Aug 11th. I guess all those “experts” who said that crypto is just numbers on a computer created from nothing were right after all! It seems like the mining community had been living in denial, expecting some sort of miracle recovery following the Bitcoin halving event back in April

Source: cointelegraph

Bitcoin miners record lowest daily revenue of 2024
https://cointelegraph.com/news/bitcoin-mining-revenue-decline-yearly-low-august-2024
Revenue earned by Bitcoin miners, primarily through block rewards and transaction fees, declined consistently over two weeks to record a new yearly low on Aug. 11. On Aug. 11, daily earnings of the Bitcoin (BTC) mining community dipped to a new yearly low of $2.54 million, a number last seen in October 2023. The Bitcoin mining community had long anticipated a significant drop in revenue following the Bitcoin halving event on […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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