Bitcoin price decreased to less than 80,000 dollars, along with Wall Street BTC workers’ performance in February 2024 – TradingView News

The main mining companies in the United States in Wall Street reported the production of the lower bitcoin (BTC) in February compared to January, noting the shortcomings of the shorter month and the network as major factors.

Moreover, the decrease in revenue was affected by a sharp correction in the BTC prices last month, as it lost the oldest 18 % cryptocurrency and decreased briefly to less than 80,000 dollars. According to the last JP Morgan report, this had a very negative impact on the market value of mining companies.

Wall Street Bitcoin sees production in February

CIPHER Mining Inc. (NASDAQ: CIFR) around 180 Bitcoin in February, a decrease from 219 in January. The company attributed the partial decrease to stop a brief scheme on its ODESSA website for high -voltage electric maintenance.

Mara Holdings, Inc. (NASDAQ: MARA) decreased by 6 % a month in bitcoin production, 706 BTC mining in February compared to 750 in January. The company cited a higher difficulty for the network and less operating days as basic reasons for a decline.

“In February, our Bitcoin production increased daily by 4 % during January,” said Farid Thil, Chairman and CEO of Mara. “The blocks won and Bitcoin’s production decreased by 6 % a month, due primarily due to the level of difficulty in the network and three operating three days.”

As mentioned by the funding pieces yesterday, riots (Nasdaq: Riot) witnessed the second largest mining of market levels, along with Mara, a decrease in production. In February, its production decreased by 11 % to 470 BTC.

Kanaan Inc. (NASDAQ: Canin) 82 Bitcoins in February, a decrease from 88 in January, while increasing operating manufactures at the end of the month from 5.53 EH/S to 5.73 EH/S.

Bitfarms ltd. (NASDAQ/TSX: BITF) 213 Bitcoins dispensed in February, being the only mine worker with an increase of 6 % of 201 in January. The company has grown operating by 20 % to 13.4 EH/S on average during the month. SVP of global mining operations Alex Brammer

“During the month of February, the operational ranked 6 % to 16.1 EH/S, and our average operational rally grew by 20 % to 13.4 EH/S, to achieve new levels at all in three out of four countries,” SVP commented of global mining operations Alex Brammer. “This growth will continue with the deployment of miners in the United States and Argentina and improving performance in all our databases.”

Wall Street Bitcoin miners lost 22 % on the market ceiling

The decrease in production comes amid wider challenges in the face of the encryption mining sector. The modern JPMorgan research note highlighted that the bank’s mining shares have collectively exceeded 22 % of the market value in February, where the price of the low price of mining in Bitcoin decreased.

Despite these opposite winds, some mining companies explore diversification strategies. Canaan, for example, a new home mining machine called Avalon Q, targeting individual users with 90 th/S device compatible with standard home power supplies. Nanging Zhang, Chairman and CEO of Canaan

“In particular, it is the first of the vocational bitcoin workers that support 110 volts at home, which meets the needs of mining lovers and expand our access to individual users,” said Nanging Chang, Chairman and CEO of Canaan.

Despite the various challenges that miners complain, it was found that the year 2024 was a record year for many of them. A prominent example is Mara, who has reported record financial results last year at the end of February, as revenues increased by 70 % to nearly $ 660 million.