“It appears that there’s an inevitable shakeout going on,” Godby said. “What’s necessary is kind of a wave of mine closures to consolidate the market and increase the efficiency of the market that’s left.”

At least eight coal companies have filed for bankruptcy since Trump — a fierce advocate for the industry — took office in January 2017.

But all tiers of the industry feel the pinch. Peabody, the largest coal miner in the U.S., is facing perhaps its most trying period since emerging from Chapter 11 bankruptcy only 2½ years ago.

Early this month, the St. Louis-based company’s stock sagged to its then-lowest levels since getting reissued post-bankruptcy. And in the weeks since, Peabody announced the upcoming closure of two Southern Illinois coal facilities, as it also absorbs the recent loss of its Kayenta mine in Arizona, which exclusively supplied coal to the nearby Navajo Generating Station — the largest coal plant in the West. But the facility is now closing, taking the mine with it.

Peabody, after reporting disappointing third-quarter results on Tuesday, including a double-digit drop in revenue, saw its shares plummet, closing down more than 20%.