The income earned by Bitcoin (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 a heavier demand for computing due to weak market performance and increased network difficulty. However, the continued decline in the Bitcoin hash rate over the past month has allowed miners to compensate for their losses.
Bitcoin Mining Revenue and Hash Rate Data
While the total Bitcoin mining revenue, consisting of block rewards and transaction fees, fell to $11.67 million in dollar terms, this figure was last seen on November 2, 2020, when Bitcoin’s transaction price was around $13,500.
The current market price around $ 16.500 an increase in mining revenues to be obvious, although factors such as rising energy prices and mining difficulties are contributing to lower revenue in dollar terms.
Bitcoin Mining Difficulty Graph
In addition to the above, the difficulty of mining a Bitcoin block has skyrocketed to an October all-time high of almost 37 trillion. Thus, it forced Bitcoin miners to spend more energy and computing power to stay competitive.
Over the past three months, the hash rate of the Bitcoin network has witnessed a steady decline. The hash rate is at 225.9 exahash per second (EH/s), down 28.6 percent from the all-time 316.7 EH/s on October 31, 2022.
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