Bitcoin Miners Hit Rock Bottom? Valuations Slip Below Key Average For First Time In A Year

1. U.S. Bitcoin miners are trading below historical averages for the first time in a year. 2. Bitcoin's price recently dropped 10%, increasing mining competition and lowering profitability. 3. U.S. miners lost $3 billion in market cap, with ARBK gaining 1% during this period. 4. Mining profitability is decreasing, with hashrate up 35% year-over-year. 5. The sector faces a squeeze due to falling prices and increasing competition.