Current Bitcoin mining revenue is comparable to the low point before BTC broke through $69,000

Bitcoin (BTC) has fallen to the $20,000 price range a year and a half later, making the most important work in the ecosystem - mining - a costly affair. However, if history repeats itself, Bitcoin investors may witness another epic bull run that helped Bitcoin reach its all-time high of $69,000.

Changes in Bitcoin prices directly affect miners' income. Miners receive fixed Bitcoin block rewards and transaction fees to operate their mining operations. In June 2022, total mining income fell below $20 million, with the lowest point recorded by Blockchain.com data on June 17 being $14.401 million.

Total miner revenue over time Source: blockchain.com

As shown above, the most recent drop in Bitcoin mining revenue was a year ago on June 27, 2021, when Bitcoin was trading at around $34,000 and its total value plummeted to $13.065 million. Bitcoin then enjoyed an epic 5-month bull run, with many pro-cryptocurrency initiatives emerging, such as El Salvador accepting BTC, and crypto-friendly regulations being introduced around the world.

Despite mixed opinions on the cryptocurrency ecosystem’s recovery, small-scale investors have been seen stepping up their investments amid the bear market as they realize their long-held dream of owning a full Bitcoin. Currently, the global recession, geopolitical tensions, crypto-economic declines such as Terra (LUNA), and the ongoing pandemic have prevented the Bitcoin ecosystem from unlocking its true potential.

Monthly operating cash flow vs. mining income Source: Arcane Crypto

A report shared by Arcane Crypto, a cryptocurrency-focused financial services company, shows that several publicly traded Bitcoin miners have the potential to survive the current bear market. The key to Bitcoin miners’ survival lies in the delicate balance between revenue and operating cash flow.

According to the report, Argo, CleanSpark, Stronghold, Marathon, and Riot are the mining companies most likely to survive the crypto winter. Meanwhile, another major mining company, Core, has operating costs that are almost equal to its total revenue.