Bitcoin [BTC]: These factors might initiate a reverse exodus for struggling miners

ambcrypto.com:

Bitcoin’s mining industry has taken a severe hit in 2022. Given factors such as massive price corrections, inflation, etc., many miners have even exited the Bitcoin network. Why? Well, mainly to make ends meet.

Now, many have raised concerning questions about the profitability of this industry. But, where’s the answer?

Bitcoin miners made more than $15 billion in revenue over the course of 2021, according to The Block’s Research. This highlighted a year-over-year increase of 206%, a staggering number to say the least. However, 2022 hasn’t been kind. That being said, struggling miners might just have something to look forward to given the (slow) market recovery.

Bitcoin mining difficulty has been adjusting for a while now. With the hashrate falling as more miners go offline due to declining profitability, mining difficulty has been following pretty much the same trend.

The falling difficulty level (27.69 T at press time) can be seen in the graph below.

Source: explorer.btc.com

But, is there anything different this time? Well, for starters, the said decline coincided with some recovery across the market. At the time of writing, Bitcoin’s price remained above the $23.7k-mark.  I.e. More cash flow on each Bitcoin mined for respective BTC miners. Indeed, a sign of some relief.

Following the same, the rise in Miners’ BTC balance could paint a rather promising scenario. That’s exactly the case here. Despite the current crypto-chaos, the balance of BTC miners hit a 4-year high.

Glassnode’s graph attached herein seemed to support the statement too.

Source: Glassnode

In total, companies that mined the first cryptocurrencies own 1,845,303 BTC, which is ~9.6% of the current supply of BTC.

While these developments project a steady uplift,