These peaks have not been seen since early November of last year, just before the FTX collapse and the associated decline in the price of Bitcoin.
Based on data from the blockchain explorer blockchain.com, miners were making about $16.1 million per day at the start of the year. Meanwhile, as of January 30, 2023, it is $23.8 million a day. In this context, the rate of increase in January is 48%.
Because miners are paid in btc, bitcoin's value has a major significance. On that note, having started the month at approximately $16,500, January ended at approximately $23,000.
The increase in mining profitability started to be felt around the middle of January, when the miners' profitability reached 77 ph/d USD, indicating a clear upward trend in the miners' performance parameters.
After a depressing 2022 with a large bear market and a 65% loss in the market value of the BTC, miners are optimistic for 2023 with an amazingly solid start.
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Author: Adam Lee
Asia News Desk / Breaking Crypto News