Accounting report confirms my calculation in July of a $1.25 billion industry loss since April.  But it only covers three public companies, so industry loss is probably much higher

"Core Scientific Inc., Marathon Digital Holdings Inc., and Riot Blockchain Inc., the three largest publicly traded Bitcoin mining companies in the United States, lost more than $1 billion in the second quarter, according to a report published on August 18."

Bitcoin is in a death spiral but most observers can't see it yet.  The miners are hemorrhaging money, so they've become forced sellers...

"In May, public miners sold more than 100 per cent of their total production. They increased their sales by nearly 400 per cent in June and July. However, sales were lower in July than in June. In July, miners sold 158 per cent of their Bitcoin production. This was the third month in a row that miners sold more than 100 percent of what they produced."

Their sales depress price and confidence, causing higher losses, which forces more selling.  A vicious circle.  And Bitcoin is a network, not a fungible product.   Operating cost is holistic.  When a miner falls out, the remaining miners absorb its operating costs.  Higher cost then pushes marginal miners to fall out, etc.

Imagine six men carrying a casket.  What happens when one man drops out?   The burden on the other five rises 16.66%.  What happens when three men drop out?

Yup.

Exactly.

I predicted a miner-based crash in June, 2021, although I've been fairly sure for years that Bitcoin will fail...

"Exponential functions always fail in real-life because they eventually run into resource constraints.  In Bitcoin's case, it looks to be from electricity and the end of Moore's Law."

Addendum, 9-9-2022:  Bitcoin jumped over $2,000 tonight. I say it's another sucker rally attempt because the whales must break the death spiral before a cascading failure starts.   Ahhh, it's a Twitter time travel hoax.  OMG.   So more manipulation, but indirectly through Twitter rumors this time.  More suckers drawn in and drained.

Addendum, 9-14-2022:  As predicted, another sucker rally which collapsed yesterday.  haha.