Hash rate had its first major drawdown since July 2021 and public miners are feeling the pressure as tough conditions may last for a sustained period of time.
More announcements from public bitcoin miners on potential capitulation. Debt needs to be paid and cash is tight due to high hash rate and a low bitcoin price.
Marathon Digital Holdings announced its April 2022 mining production updates noting over 9,000 BTC held in reserves and plans for a total mining fleet of 199,000.