Bitcoin miners held a stunning competition in 2019, lifting both the hashrate and difficulty to all-time highs. But it turns out for significant stretches, mining pools absorbed serious losses.

Bitcoin Miners Undeterred by Falling Prices

Most of the big miners this year produced coins at a loss due to unfavorable market prices. But this did not lead to a capitulation, as previously expected. Instead, miners redoubled their efforts to get some of the last 12.5 BTC rewards before the halving next year.

A look back at 2019 shows two periods where miners continued competing for rewards despite prices falling below breakeven.

The last months of the year were also one of the periods where mining happened below the breakeven point. However, miners in the past have also achieved very high…

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