BlocksInform
Total Bitcoin mining revenues (block rewards plus transaction fees) per day have climbed nearly 50% since the start of the month, hitting close to $24 million.
Despite this significant increase, this number falls short of the historic high of more than $80M recorded in April 2021.
- Bitcoin rally in the first month of the year appears to have increased benefits for the mining community. Data from YCharts shows that daily BTC mining revenue has soared from $16.1 million on January 1 to $23.8 million on January 29 (a 47% increase).
- The figure rarely surpassed $20 million during the prolonged crypto winter in 2022, dipping to as low as $13 million shortly after the FTX fallout and the consecutive market crash.
- The downward trend continued throughout December (when Bitcoin battled at about $16,500), with Bitcoin daily mining incomes dipping below $10 million on Christmas Eve.
- The highest figure was more than $80 million as of mid-April 2021 (while the BTC was trading at nearly $63,000).
- Bitcoin mining difficulty – a measure that determines how hard it is to mine a BTC block – rose from 35.3 trillion at the start of 2023 to an all-time high of 38.86 trillion as of yesterday (January 29). The previous record of 37.59 trillion was marked two weeks ago.
- The bitcoin hash rate – the total amount of computing power used for mining and processing transactions on the network – hit 327 th/s on January 25. It slightly decreased in the following days and currently stands at 311 TH/s.
- 2022 has been devastating for numerous cryptocurrency miners, including some leaders. Core Scientific filed for bankruptcy protection in December, while Argo Blockchain agreed to sell its Helios facility to Mike Novogratz’s Galaxy Digital for $65 million to reduce its overall debts.
