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Wednesday, February 1, 2023

Bitcoin Mining Revenue Has Touched Its Lowest Point In Over 2 Years

The Bitcoin mining revenue did fall to two-year lows which was the result of poor market performance, as well as a heavier computational demand amidst the rise in network difficulties.

However, there was an ongoing downturn in the hash rate of the cryptocurrency over the last month which did allow the miners of these cryptocurrencies to recoup their losses. The total revenue that came from the mining of this cryptocurrency- transaction fees and block rewards- in USD did fall down to a sum of $11.67 million, which was a number that was last seen on the 2nd of November, 2020, when the trading price of the cryptocurrency went down to around $13,500.

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While the current price in the market is around a sum of $16,500- it does suggest an obvious increase in mining revenue, where the factors include rising prices in energy and greater difficulty in mining- which would then contribute to lower income in dollar terms.

The Bitcoin Mining Revenue Has Experienced A Steady Downfall 

Also, one has to understand that the Bitcoin Mining Revenue difficulty did skyrocket to an all-time high of around 37 trillion- and this forced the miners of Bitcoin to expend more computation power and energy in order to stay competitive. This further resulted in a reduction in Bitcoin mining revenue. The last three months also saw the hash rate of this network witnessing a steady decline.

Currently, the hash rate stands at around 225.9 exahash per second, which then fell by 28.6% from its all-time high of 316.7 EH/s on the 31st of October, 2022. For those who are wondering, the hash rate does seem like a security metric that helps in the protection of the network of Bitcoin from double-spending attacks. However, if one were to consider the bigger picture, any temporary measures that have been taken by the community also include acquiring cheaper hardware for mining.

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