Bitcoin Miners Earned $916.6 Million In May. Inves
While the cryptocurrency market experienced the usual volatility in May, bitcoin (BTC) mining rigs have enjoyed a substantial increase in profits over the past month. A 13.7% profit increase saw these miners generate $916.6 million in revenue. Meanwhile, the month-on-month (MOM) growth highlights the profitability and continued growth of the BTC mining business.
Bitcoin miners generate revenue primarily from block rewards, awarded after transaction verification and ensuring the security of the platform. In that context, the increase in profits reflects the profitability of bitcoin mining. This attracts more miners to the blockchain, thereby increasing its security.
Bitcoin mining is still a lucrative business
The significant increase in profits shows that bitcoin mining remains attractive. More people joining the network as miners contribute additional computing power, thereby increasing mining revenue. Furthermore, the increase in profit confirms the resilience and health of the bitcoin blockchain.
Remember when China banned mining and all the low IQ/EQ people said it was the end of bitcoin?
Bitcoin mining difficulty recently reached a record high of 50,000,000,000,000 hashes – at block height 792,288.
More computers are mining $BTC than ever before. pic.twitter.com/U8b6oQkJlI
– Save Invest Repeat (@InvestRepeat) June 4, 2023
Bitcoin mining is critical to ensuring the integrity and security of the blockchain. Meanwhile, miners receive rewards as an incentive for ensuring the decentralization and continuous operation of the BTC platform. Revenue growth attracts global miners, further strengthening the mining industry.
Additionally, an increase in bitcoin mining revenue suggests an increase in adoption and interest in the digital asset. As the leading crypto sees acceptance and recognition from the public, mining resources see an increase in demand, increasing rewards for miners.
In addition, well-known mining companies continue to expand their businesses. Recently, the company CleanSpark bought 12,500 Bitmain machines. He took advantage of the low prices to acquire the team for $40.5 million. Nevertheless, this presented bitcoin mining as a lucrative business, despite the price struggle.
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