Bitcoin mining industry faces pressure from price drop, network competition

The Bitcoin mining industry is facing pressure from falling BTC prices and intensifying network competition, Cointelegraph reported. Worsening profitability has extended the payback period for mining equipment to over 1,200 days, while many firms have seen a decline in hashprice, a metric for mining revenue per unit of computing power. In response, some miners are diversifying into artificial intelligence and high-performance computing (HPC), though these efforts have yet to yield tangible results. Despite the profitability challenges, the media outlet noted that shares of some companies, including CleanSpark (CLSK), Cipher Mining (CIFR), and IREN (IREN), have risen on expectations for their new business ventures.