The past year has been no fun for bitcoin miners. The low bitcoin price, the rising hash rate and skyrocketing energy prices are not favorable market conditions for mining bitcoin (BTC). The persistent bear market has therefore killed many miners. For example, you could read in the crypto news earlier that even the largest public bitcoin miner in the world, Core Scientific, was forced to file for bankruptcy.
BTC mining turnover
In 2022, the total revenue of the bitcoin mining industry was $9.55 billion, compared to $15.3 billion a year earlier. With this, as a direct result of the bear market, it was down 37.5%.
However, the new year has got off to an excellent start for many stocks, including Bitcoin. The bitcoin price is currently about 40% higher than at the turn of the year. A few days ago you could read in the Bitcoin news that sentiment in the crypto market has recovered to a ten-month high.
According to data from Blockchain.com mining revenue on the first day of the new year equaled $15.3 million. On January 29, this daily turnover was almost $23 million, representing a 50% increase. In that respect, miners can breathe a sigh of relief after this one rally of BTC.
Bitcoin hash rate at record high
As more miners contribute to Bitcoin’s decentralized network, the hashrate, or total computing power of the network, will increase. Last week you could read that this hashrate had risen to a record high of 275 exahash per second. BTC.com now indicates that the total computing power of the network is equal to 295.02 EH/s.
Earlier today you could also read that the mining difficulty increased by 4.68% to a new one all time high. This adjustment is a direct result of the increasing competition among BTC miners. About every two weeks, the difficulty is adjusted to the hashrate to guarantee that it will continue to take about ten minutes to complete a new one. block to add to the blockchain.