Bitcoin Mining Revenue at Lowest in Two Years

bitcoinRevenue from (BTC) miners fell to the lowest level in the last two years.

Revenue generated by Bitcoin miners is at a two-year low due to poor market performance and a heavier computational demand due to increased network difficulty. However, the continued decline in Bitcoin hashrate over the past month has allowed miners to recoup their losses.

Bitcoin Mining Revenue and Hash Rate Data

Total of block rewards and transaction fees Bitcoin mining revenue decreased to 11.67 million dollars in dollar terms; This figure was last seen on November 2, 2020, when Bitcoin’s transaction price was around $13,500.

Bitcoin Mining Revenue

While the current market price of around $16,500 indicates a significant increase in mining revenues, factors such as mining difficulty and rising energy prices are contributing to lower revenues in dollar terms.

Bitcoin Mining Difficulty Chart

In addition to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of almost 37 trillion. Thus, it forced Bitcoin miners to expend more energy and computational power to stay competitive.

In the past three months, the hash rate of the Bitcoin network has witnessed a steady decline. The hash rate stands at 225.9 exahash per second (EH/s), down 28.6 percent from the all-time 316.7 EH/s on October 31, 2022.