Total Bitcoin mining revenue (block reward plus transaction fees) per day has increased by almost 50% since the beginning of the month, reaching almost $24 million.
Although Bitcoin mining income during this period has increased. But it is still far from the all-time high of more than $80 million that Bitcoin reached in April 2021.
Bitcoin Price Rising, Mining Earnings Increase Accordingly
Bitcoin price surge in the first month of the year has led to an increase in miner profits. informationAccording to YCharts, daily BTC mining revenue increased from $16.1 million on Jan. 1 to $23.8 million on Jan. 29 (up 47%).
Prior to the crypto bear market, miners never saw profits surpass $20 million steadily throughout 2022, dropping to just $13 million shortly after the collapse of FTX. Shaking events in succession
The downtrend continued through December of last year, when Bitcoin price was hovering around $16,500, with daily Bitcoin mining revenue dropping below $10 million on Christmas Eve.
Bitcoin miners earned over $80 million in mid-April 2021 when BTC was at $63,000.
Bitcoin Mining Difficulty Increased
Bitcoin Mining Difficulty (Difficulty) that determines the difficulty of mining BTC blocks has increased from 35.3 trillion at the beginning of 2023 to an all-time high of 38.86 trillion as of January 29, 2023, two years earlier. Last week, Bitcoin mining difficulty was at 37.59 trillion rub.
Bitcoin’s hash rate, or the total computational power used to mine and process transactions on the network, hit ATH of 327 TH/s on January 25, 2023, down slightly a day later and currently stands at 311 TH/s. /s
The year 2022 has brought a lot of damage to crypto miners. Industry-leading Core Scientific filed for bankruptcy protection in December 2022, while Argo Blockchain agreed to sell Mike Novogratz’s Helios factory to Galaxy Digital for $65 million to reduce its debt burden. together
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