Bitcoin mining revenue jumps 68.6% from worst day of 2022

0
Bitcoin mining revenue jumps 68.6% from worst day of 2022

Bitcoin mining revenue jumps 68.6% from worst day of 2022

With only 2 million BTC left to mine, mining companies see rising stock prices

By Shashank Bhardwaj


Image: Shutterstock

In less than a month, the Bitcoin (BTC) mining industry saw a 68.63% increase in mining revenue. Bitcoin mining revenue was up almost 69% in August compared to July. On July 13, revenue was $13.928 million and on August 12 was $23.488 million. Miners have been struggling financially since early 2022. It all happened as a result of bearish sentiment in the crypto market. This had an effect on the crypto income of miners when converted to US dollars. Investor concerns have grown with the collapse of the crypto market. The crypto ecosystem has also experienced several failures and failed investments. All of this led to lower Bitcoin mining returns over the year.

However, the Bitcoin ecosystem has also recovered in many areas. These aspects include hash rate, network difficulties, and miner payouts. Bitcoin’s hash rate has risen nearly 10% over the past month, bolstering the network’s resistance to double-spend attempts. Network difficulty increased for the first time since June because of this. This means that creating a new BTC block becomes more difficult.

During the bear market, retail investors increased their investment efforts. These increased efforts demonstrate their desire to achieve their long-term goal of owning a full BTC (1 BTC). Despite high operational costs, the significant increase in mining revenue reassures Bitcoin mining as a viable business. Additionally, falling prices for mining equipment (GPUs) have allowed Bitcoin miners to expand their existing infrastructure. It should be noted here that there are only 2 million BTC left to mine. The 19th millionth Bitcoin (BTC) was mined on Friday, April 1. Kjetil Hove Pettersen, CEO of Kryptovault, said, “I think the best days of mining are still ahead of us.”

With rising mining revenues, share prices of crypto mining companies are said to have increased by up to 120% over the past month. Hut8 Mining Corp., Marathon Digital Holdings and Core Scientific all revealed soaring stock prices, each performing at least 95% better than in June 2022. Second quarter results on August 11 showed an increase of 1601% since the beginning of the year. Self-mined bitcoin. In recent months, Bitcoin mining companies have had to deal with a number of factors that have impacted BTC production and profitability. Falling asset prices and rising energy costs were among those hurdles. The problems may have arisen as a result of the combined effects of the Texas heat wave and the Russian-Ukrainian conflict.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash


LEAVE A REPLY

Please enter your comment!
Please enter your name here