Bitcoin mining revenue jumps 68.6% from the lowest-earning day of 2022
The Bitcoin (BTC) mining industry endured immense financial stress throughout the year 2022 as a prolonged bear market directly impacted their earnings when translated to the U.S. dollar. However, miners resilient to the years lowest mining revenue day, June 13, witnessed a 68.63% increase in mining revenue within a month.
Over the year, revenue from Bitcoin mining dropped due to a multitude of factors centered around investor sentiment driven by tensions arising from market crashes, ecosystem collapses and loss-making investments. Cutting through the noise, the Bitcoin ecosystem recovered across numerous determinants, including miners revenue in dollars, network difficulty and hash rate.
Total miners revenue over time. Source: blockchain.com
Data from blockchain.com confirms that BTC mining revenue jumped nearly 69% in one month from $13.928 million on July 13 to $23.488 million on Aug. 12. The significant increase in mining revenue reassures Bitcoin mining as a viable business despite high operational costs. In addition, lower mining equipment (GPU) prices have allowed BTC miners to expand their existing infrastructure as they pursue mining the last 2 million BTC.
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