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Bitcoin Miners Whisper Through the Halls—Their Loudest Drama Yet?

BBG News

Among the tangled, endless chain of the blockchain, a curious silence now drapes itself over the Bitcoin miners—once robust, now damp as autumn leaves in old Moscow gutters. The volume of their deals, those hammer blows on the anvil of modern finance, has faded, shriveling to the meanest whisper since the wistful days of November 2022. 🧑‍🔧💤

A Glum Portrait: Miner Volume Stumbles to 2022 Lows

Sentora, previously known as IntoTheBlock (let’s not question the need for a name change—it’s not a Dostoevsky character after all), has delivered some data worthy of a Russian novella: the volume share of weary Bitcoin miners, measured with obsessive precision, has sunk to depths few remember—without even a shot of vodka to celebrate. The indicator, which calculates what portion of BTC transactions miners are responsible for, now reads like a meter in the drought-ridden steppe.

This tale finds visual witness in the following sepia-toned portrait (well, not really, but one can dream) shared by the undaunted Sentora:

Behold the evidence! In recently bygone days, the miners were not so bashful—frequently flirting with the 20% mark, as if daring the rest of the network to a duel at dawn. Now, bereft of purpose or perhaps just sleep-deprived, their share has tumbled to a paltry 3.3%—a figure as thin as Russian winter gruel. Since the days when the bear market bottomed and melancholy reigned (November 2022, if you must know), never has this metric wallowed so low.

The miners themselves—decidedly practical souls—mostly move coins when the urge to sell strikes them. The present lull suggests they are not quite in the mood for capitalist adventure. As for the price of Bitcoin, who knows? Perhaps the ruble will rise first! (But let’s not get ahead of ourselves—such things are decided by fate and sometimes by random tweets.)

Yet, in other quarters of the empire, winds of change: Capriole Investments’ Charles Edwards, whose social media missives are followed with bated breath (or mild indifference, depending on your morning), highlights a new report from the venerable halls of Cambridge. It turns out, 75% of reported mining now happens in the United States, the land of hamburgers and heroic electricity bills.

How quickly the stars shift: only four years ago, half of all mining sprang from China. Now, after bans and bureaucratic adventures, the machines hum from coast to shining coast—”Bitcoin is officially now ‘Made in America,’” proclaims Edwards, perhaps picturing the Statue of Liberty holding an ASIC miner above her torch. 🗽💡

As for costs: the average miner is parting with $45 per MWh for their precious energy, 80% of their agonies going straight to the power meter. Edwards assures us this number, beloved by spreadsheet enthusiasts everywhere, has held true for years—so you can keep trusting those models (as much as one trusts the Moscow weather forecast).

To this, Edwards declares—somewhat dramatically—that Bitcoin Production Cost is the coveted holy grail for spotting prime buying moments. So rejoice: these numbers, at least, are as accurate as a Russian grandmother’s advice (take that how you will).

The Fate of the Price

Meanwhile, Bitcoin itself remains undecided, ambling sideways, stubbornly fixed around $108,800—neither soaring nor plunging, as if waiting for someone, anyone, to write the next act. Perhaps even the price has taken to reading Turgenev, pondering the meaning of it all.

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2025-07-09 04:13

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