Bitcoin mining revenue lowest in two years | The Financial Express

Bitcoin mining revenue lowest in two years

The Bitcoin hash rate has been steadily declining over the past month, though, giving miners a chance to make up for a lost time.

Bitcoin mining revenue lowest in two years
The Bitcoin hash rate has been steadily declining over the past month, though, giving miners a chance to make up for a lost time.

Due to poor market performance, a higher computational demand, and increasing network difficulty, the income generated by Bitcoin miners decreased to two-year lows, as reported by Cointelegraph.

According to Cointelegraph, however, a persistent decline in the hash rate of Bitcoin over the previous month has given miners a chance to make up lost time. The total Bitcoin mining revenue, which includes block rewards and transaction fees, decreased to $11.67 million, a figure is last seen on November 2, 2020, when the price of one bitcoin was roughly $13,500.

According to Cointelegraph, the revenue generated by Bitcoin miners fell to two-year lows as a result of subpar market performance, rising computational demand, and growing network difficulty. The Bitcoin hash rate has been steadily declining over the past month, though, giving miners a chance to make up for the lost time.

The amount of money earned from mining bitcoins, which includes block rewards and transaction fees, dropped to $11.67 million. On November 2, 2020, when the price of one bitcoin was approximately $13,500, this amount was last recorded.

(With insights from Cointelegraph)

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First published on: 27-11-2022 at 13:02 IST