Bitcoin mining revenue jumps 68.6% from the lowest-earning day of 2022

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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 year’s 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.

Along­side min­ing rev­enue, Bitcoin’s hash rate grew over 10% over the last month, adding to the network’s resilience against dou­ble-spend­ing attacks. How­ev­er, as a result, net­work dif­fi­cul­ty — a mea­sure of how dif­fi­cult it is to mine a new BTC block — increased for the first time since June.

Relat­ed: BTC min­ing stocks dou­ble in a month as pro­duc­tion ramps

Mir­ror­ing the pos­i­tive out­comes across the Bit­coin net­work, cryp­to min­ing com­pa­nies report­ed increased stock prices over the last month. 

Cryp­to min­ing com­pa­nies, includ­ing Hut8 Min­ing Corp., Marathon Dig­i­tal Hold­ings and Core Sci­en­tif­ic, revealed sky­rock­et­ing stock prices, each per­form­ing at least 95% bet­ter than June 2022. 

All three com­pa­nies, how­ev­er, post­ed widened loss­es, dri­ven by impair­ment loss­es on their cryp­to holdings.

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