Bitcoin Mining Earnings Fall to 2-Year Low, Hashrate Drops

Bitcoin (BTC) miner revenues have fallen to their lowest level in two years due to weak market performance and increased computational demands amid increasing network difficulty. However, miners were able to recoup their losses as Bitcoin’s hashrate continued to drop over the past month.

Bitcoin mining total revenue (block rewards and transaction fees) fell to $11.67 million in USD. This number was last seen on November 2, 2020, when the Bitcoin trading price was around $13,500.

The current market price of around $16,500 suggests a clear increase in mining revenues, but factors such as increasing mining difficulty and higher energy prices are reducing dollar-based revenues.

In addition to the above, the difficulty of mining Bitcoin blocks has skyrocketed to an all-time high of around 37 trillion, forcing Bitcoin miners to expend more energy and computing power to remain competitive. not.

However, over the past three months, the Bitcoin network’s hash rate has been steadily declining. His hashrate was 225.9 exahash/sec (EH/sec), down 28.6% from 316.7 EH/sec on October 31, 2022.

Hash rate is a security metric that helps protect the Bitcoin network from double-spending attacks. However, given the grand scheme of things, temporary measures taken by the community include acquiring cheaper mining hardware and resettling to jurisdictions with lower energy prices.

Related: Bitcoin miners look to software to balance Texas grid

New York City Mayor Eric Adams believes the goal of making New York a cryptocurrency hub can be combined with statewide efforts to contain the environmental costs associated with cryptocurrency mining.

“I will work with legislators I support and who have concerns. Between the development of the crypto industry and the need for legislation that made it clear to find out.