Analysts: Bitcoin Mining Industry May Face Major Shuffle as Energy Costs Soar

Josh Olszewicz expects that rising energy costs could have a greater impact on European miners. However, he also believes that break-even prices for bitcoin miners are well below the current market price of bitcoin, so most miners will remain profitable.

The Bitcoin Miners ETF, an ETF that tracks the performance of bitcoin miners' shares, closed up more than 5% at $22.66 as of Tuesday's close. The ETF has accumulated a 14% decline over the past five trading days.

On Tuesday, CCTV News reported that the U.S. White House released a statement on its website saying that President Joe Biden officially signed an executive order banning U.S. energy imports from Russia.