In a previous report, we analyzed the financial risks facing Strategy amid falling Bitcoin prices. However, DAT companies are not the only ones under pressure. Bitcoin mining companies, which directly operate mining businesses, are also exposed to significant risk. The vulnerability of mining companies stems from a structurally simple business model. Revenue depends almost entirely on Bitcoin prices, which are inherently unpredictable. Costs, by contrast, tend to rise over time. • Unpredictable revenue: Company revenue is determined solely by Bitcoin market prices. • Rising structural costs : Mining difficulty ... (full story)