Bitcoin mining revenue declines to its lowest in two years due to increasing network issues | The Financial Express

Bitcoin mining revenue declines to its lowest in two years due to increasing network issues

According to Cointelegraph, a current downturn in the Bitcoin hash rate in the last month has allowed miners to regain losses

Bitcoin mining revenue declines to its lowest in two years due to increasing network issues
Reportedly, Eric Adams, mayor, New York City, is of the opinion that New York can turn into a cryptocurrency hub

Revenue earned by Bitcoin miners has decreased to a two-year lows on account of poor market results and an increasing computational demand due to rising network difficulty, as reported by Cointelegraph.

According to Cointelegraph, a current downturn in the Bitcoin hash rate in the last month has allowed miners to regain losses. It is believed that the total Bitcoin mining revenue, including block rewards and transaction fees, in United States dollars decreased to $11.67 million, which was last witnessed on November 2, 2020, when Bitcoin’s trading price was approximately $13,500. 

On the basis of information by Cointelegraph, the current market value of around $16,500 has suggested an increase in mining revenue, with inclusion of factors such as greater mining difficulty and rising energy prices’ contribution to lower income in dollar terms. Reportedly, difficulties around Bitcoin mining have reached an all time high of close to 37 million, forcing Bitcoin miners to spend more energy and computational power to stay competitive. It is believed that the hash rate stands at 225.9 exahash per second (EH/s), which decreased 28.6% from its all-time high of 316,7 EH/ s on October 31, 2022. 

Moreover, Cointelegraph noted that Eric Adams, mayor, New York City, is of the opinion that New York can turn into a cryptocurrency hub through a combination of statewide efforts to combat environmental costs related to cryptocurrency mining.

“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place,” Adams said.

(With insights from Cointelegraph)

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First published on: 28-11-2022 at 14:01 IST