Revenue of miners since the beginning of the year increased by 45%
Daily earnings of miners of the first cryptocurrency rose from $16.3 million to $23.8 million
Revenue of bitcoin miners has increased since the beginning of the year by 45%. According to Blockchain.com, the total first cryptocurrency mining rewards earned by miners rose from $16.3 million on Dec. 31, 2022, to $23.8 million as of Jan. 29.
Falling cryptocurrency rates in 2022, increased mining complexity, and increased hash rates have led to a significant drop in digital asset mining revenues. At $20k per bitcoin, the profitability of mining businesses was already close to the cost of production (around $15-17k), and in some cases went into negative values.
Since the beginning of 2023, bitcoin price increased by 43% - from $16.5 thousand to $23.7 thousand, having updated the price maximum in 5 months. This increase in the value of the asset noticeably increased the profitability of its mining.
Despite the new historical maximum of mining difficulty, the growth of its profitability gives confidence to the representatives of the industry: more and more equipment is being used. The total bitcoin network hashrate (the volume of all computing power), which on average fluctuates at 281.67 EH/s, exceeded 294 EH/s on January 30.
At the same time, the transaction fee on the bitcoin network dropped 8% from $0.83 on December 31, 2022 to $0.76 on January 29. During the same period, the total number of transactions on the network rose from $792 million to $800 million.
Most of the production of the first cryptocurrency - 30.5% - accounts for the U.S. mining pool Foundry. Next come AntPool (20.7%), F2Pool (14.9%), Binance Pool (10.3%) and ViaBTC (10.3%).
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