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

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The bitcoin (BTC) mining industry faced extreme financial stress throughout the year 2022 as a prolonged bear market directly affected their earnings when translated into US dollars. However, resilient miners saw a 68.63% increase in mining revenue within a month for the year’s lowest mining revenue day, June 13.

Over the year, revenue from bitcoin mining has declined, as a result of a number of factors centered around investor sentiment – ​​driven by market crashes, ecosystem collapse and stress created by loss-making investments. Cutting through the noise, the bitcoin ecosystem recovered in several determinants, including miners’ revenue in dollars, network difficulty, and hash rate.

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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 August 12. The significant increase in mining revenue reassures bitcoin mining as a viable business despite the high operating cost. Furthermore, low mining equipment (GPU) prices have allowed BTC miners to expand their existing infrastructure as they pursue mining past 2 million BTC.

Along with mining revenue, bitcoin’s hash rate has risen by more than 10% over the past month, adding to the network’s resilience against double-spend attacks. However, as a result, the difficulty of the network – how difficult it is to mine a new BTC block – has increased for the first time since June.

related: BTC mining stocks double in a month as production ramps up

Reflecting positive results in the bitcoin network, crypto mining companies reported a surge in stock prices last month.

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

However, all three companies posted extensive losses, driven by losses on their crypto holdings.