Hash rate is decreasing while mining revenue is at its lowest level in two years.

The overall Bitcoin mining revenue, which includes block rewards and transaction fees, decreased to $11.67 million, a figure last seen on November 2, 2020, when the price of one bitcoin was roughly $13,500.

Due to weak market performance, a higher computational demand, and increasing network difficulty, the income generated by Bitcoin $16,555 miners decreased to two-year lows. 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 overall Bitcoin mining revenue, which includes block rewards and transaction fees, decreased to $11.67 million, a figure last seen on November 2, 2020, when the price of one bitcoin was roughly $13,500.

Although the market price at the moment, approximately $16,500, would seem to indicate a clear rise in mining revenue, variables like increased mining difficulty and growing energy costs actually result in reduced income in actual dollars.

In addition to the previously mentioned factors, the difficulty of mining a Bitcoin block has risen to an all-time high of around 37 trillion, pushing miners to invest more time and resources to remain competitive.

However, the Bitcoin network’s hash rate has steadily decreased over the last three months. At 225.9 exahashes per second (EH/s), the hash rate is down 28.6% from its peak of 316,7 EH/s on October 31, 2022.

A security statistic called hash rate aids in defending the Bitcoin network from double-spending assaults. However, in the broader scheme of things, the community has adopted temporary remedies like buying less expensive mining equipment and moving to regions with low energy costs.

Eric Adams, the mayor of New York City, thinks that state-wide initiatives to reduce the environmental costs associated with crypto mining can be integrated with the goal of making New York a crypto hub.

Adams stated that the city will work with legislators to find a balance between the development of the cryptocurrency industry and legislative needs. “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,” said Adams.

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