Bitcoin miners have faced financial stress during this year. The prolonged bear market directly affects the miners’ earnings. Now, however, revenues have increased by almost 69% in a short space of time.
Restore revenue for miners
Over the year, the crypto market has taken some major blows. Breaking the noise, among other things, the Bitcoin ecosystem recovered in multiple places, including dollar miners’ earnings, network difficulties and hash rate.
Data from blockchain.com shows that revenues for BTC miners have increased by nearly 69% in one month, from $13,928 million on July 13, to $23,488 million on August 12. The significant increase in these revenues reassures Bitcoin miners as a viable business, despite the often high operating costs.
In addition, lower mining equipment (GPU) prices have enabled BTC miners to expand their existing infrastructure while mining the latter about 2 million BTC.
Share prices up significantly
Various crypto mining companies have also noted higher share prices due to rising income. These include Core Scientific, Marathon Digital Holdings and Hut8 Mining Corp. They revealed significant share price gains, each outperforming at least 95% from June this year.
It is worth noting, however, that all of these 3 companies posted larger losses caused by impairments on their crypto holdings. However, with a crypto market that appears to be recovering, it is unknown how long this loss will last.
