Bitcoin

Bitcoin Mining Revenue Jumps 68.6% From Bottom In 2022

Having had a rough June, the Bitcoin ecosystem has recovered in various ways, including miner earnings in dollars, network difficulty, and hash rate.

The Bitcoin (BTC) mining business faced significant financial strain throughout 2022, as a prolonged bear market directly impacted their earnings when converted to US dollars. Miners who remained resilient in the face of the year’s lowest mining revenue day, June 13, saw a 68.63% gain in mining revenue within a month.

Revenue from Bitcoin mining fell over the year due to various issues focusing on investor emotion – tensions caused by market crashes, ecosystem failures, and loss-making investments. Despite the noise, the Bitcoin ecosystem recovered across many factors, including miners’ dollar revenue, network difficulty, and hash rate.

Total miners revenue over time. Source: blockchain.com

According to blockchain.com, BTC mining earnings increased by approximately 69% in one month, rising from $13.928 million on July 13 to $23.488 million on August 12.

Despite high operational costs, the large increase in mining revenue reassures Bitcoin mining as a sustainable industry. Furthermore, cheaper mining equipment prices have enabled BTC miners to expand their existing infrastructure as they seek to mine the remaining 2 million BTC.

Along with mining revenue, Bitcoin’s hash rate increased by more than 10% in the last month, strengthening the network’s resistance to double-spending attacks. However, network difficulty — a measure of how tough it is to generate a new BTC block — increased for the first time since June.

Currently, the BTC price is thriving as the $24,000 support area has been held for 3 consecutive days.

BTC daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.