Bitcoin miners have experienced a challenging year, with mining incentives cut in half, difficulty increasing, and new ETFs siphoning off investor capital.

The two largest U.S.-listed miners, Marathon Digital and Riot Platforms, have decreased by 10% and 33%, respectively, while bitcoin has increased by 60% year-to-date to $67,859, reaching a record level in March.

The intense competition between power-hungry miners to solve intricate mathematical riddles builds the bitcoin blockchain and yields rewards in new currency.

Miners’ revenue per transaction has decreased from over $192 in March to about $60, the lowest since last September.

The difficulty of mining a single bitcoin block has reached an all-time high in early May. J.P. Morgan reports that the 14 miners with U.S. listings, collectively possessing 23% of the world’s bitcoin mining capacity, are in a stronger position to benefit from the current circumstances.