Bitcoin Miners Revenue Hits Two-Year Low

Bitcoin miners’ revenue fell to two-year lows due to poor market performance and increased computational demand amid rising network difficulty.
Bitcoin Miners Revenue Hits Two-Year Low

Total Bitcoin mining revenue in US dollars fell to $11.67 million, according to Blockchain.com.

Bitcoin Miners Revenue Hits Two-Year Low
Source: Blockchain.com

In addition to the foregoing, the difficulty of mining a Bitcoin block has risen to an all-time high of about 37 trillion, which leads to Bitcoin miners using more energy and computer resources in order to remain competitive.

Bitcoin Miners Revenue Hits Two-Year Low
Source: Blockchain.com

However, the Bitcoin network’s hash rate has been steadily declining over the last three months. The hash rate is now 200.2 exahash per second (EH/s), down 36.8% from its all-time high of 316,7 EH/s on October 31, 2022.

Bitcoin Miners Revenue Hits Two-Year Low
Source: Blockchain.com

At the time of writing, BTC is trading at $16,540.

Bitcoin Miners Revenue Hits Two-Year Low
BTC daily chart. Source: Coincu

The decrease in revenue leads to a difficult situation for crypto mining companies today, some names can be mentioned, such as Core Scientific, Argo Blockchain, and Compute North.

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Bitcoin Miners Revenue Hits Two-Year Low

Bitcoin miners’ revenue fell to two-year lows due to poor market performance and increased computational demand amid rising network difficulty.
Bitcoin Miners Revenue Hits Two-Year Low

Total Bitcoin mining revenue in US dollars fell to $11.67 million, according to Blockchain.com.

Bitcoin Miners Revenue Hits Two-Year Low
Source: Blockchain.com

In addition to the foregoing, the difficulty of mining a Bitcoin block has risen to an all-time high of about 37 trillion, which leads to Bitcoin miners using more energy and computer resources in order to remain competitive.

Bitcoin Miners Revenue Hits Two-Year Low
Source: Blockchain.com

However, the Bitcoin network’s hash rate has been steadily declining over the last three months. The hash rate is now 200.2 exahash per second (EH/s), down 36.8% from its all-time high of 316,7 EH/s on October 31, 2022.

Bitcoin Miners Revenue Hits Two-Year Low
Source: Blockchain.com

At the time of writing, BTC is trading at $16,540.

Bitcoin Miners Revenue Hits Two-Year Low
BTC daily chart. Source: Coincu

The decrease in revenue leads to a difficult situation for crypto mining companies today, some names can be mentioned, such as Core Scientific, Argo Blockchain, and Compute North.

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

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