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Bitcoin Miners Go From Bad to Worse

Bitcoin mining requires a lot of power, and high costs have put pressure on profits.

Bitcoin mining requires a lot of power, and high costs have put pressure on profits.

Photographer: Andrey Rudakov/Bloomberg
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Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. In today’s edition, David Pan digs in to Bitcoin miners’ woes:

Bitcoin miners had a miserable second quarter. Now, as third-quarter earnings season kicks in, they are set to reveal further strains, with no let-up to the grim environment plaguing the industry.