The short-term outlook is not optimistic, either. Despite the enthusiasm of some bullish industry observers, smaller miners are faced with a very real crisis right now, and the promise of future price bumps may not be enough to keep all of them operating on the bitcoin blockchain. For miners, energy, resources, and other overheads mean that running at a loss is not favorable in any situation. Despite miners seeing $4.7 billion in revenues in 2018, smaller mining operations cannot keep up with larger setups that have slowly centralized control of the market.
The reality for crypto miners is that while the market remains volatile, so will their fortunes. While it may be highly profitable to continue mining in a bull market, the extended period of losses the industry is experiencing makes it hard to generate revenues. Moreover, the status quo favors larger miners who can buffer their costs and remain operational even in downturns.