Coin Metrics: Bitcoin mining profits face pressure after halving, mining companies will enter an era of consolidation.

ChainCatcher news, according to crowdfundinsider, Coin Metrics released a report analyzing the current state of the Bitcoin mining market, which pointed out that since the Bitcoin halving in April, Bitcoin mining profit margins have been under pressure due to stagnant BTC prices and a sluggish fee market, although short-term on-chain congestion has alleviated some revenue pressure. On April 20, the Bitcoin block reward was reduced from 6.25 BTC to 3.125 BTC, and the hype around runes gradually faded in the following weeks, making May and June very difficult months for miners.

The Coin Metrics report also mentioned that Bitcoin mining companies are about to enter an era of consolidation, where well-funded miners will acquire the assets of less efficient operators. Coin Metrics concluded that "to survive the impacts of efficiency improvements and competitive pressures, mining companies must look to the future, while the long-term trend of BTC prices remains an unpredictable input for a highly capital-intensive business model."