Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months

In the past six months, Bitcoin miners’ gross has dropped by much than 30%, with November revenues astir $270 cardinal little than October revenues. The driblet successful Bitcoin miners’ gross is attributed to Bitcoin terms volatility, accrued competition, and higher energy prices.

Gradual Decline successful Miner Revenue

Bitcoin miners’ revenues person fallen by implicit 30% successful the past six months, contempt the gradual summation successful the terms of Bitcoin from its March 10 debased of conscionable implicit $20,000 to conscionable implicit $38,000 connected Dec. 1, 2023. According to banklesstimes.com data, miners’ November gross of $615.1 cardinal is astir $300 cardinal little than the January revenue.

Since reaching a precocious of $918.8 cardinal successful January, miners’ gross has gradually declined successful the months that followed. The period of October was the lone clip this inclination was bucked, with miners securing the second-highest monthly net of 2023 astatine $885 million.

Commenting connected the driblet successful miner revenue, Alice Leetham, an expert astatine Banklesstimes, said:

This downturn has sparked wide involvement and interest wrong the cryptocurrency community, prompting america to delve into the factors contributing to this important decline.

In the Banklesstimes report, BTC terms volatility is identified arsenic 1 cardinal origin explaining the driblet successful miners’ revenue. Meanwhile, an earlier report by Galaxy attributes the driblet successful gross to what it described arsenic the “incredible summation successful web hashrate during the archetypal fractional of the year.”

The summation successful the hashrate is owed to improved mining economics, the oversupply of second-hand ASICs successful the secondary market, arsenic good arsenic the plugging successful of caller procreation mining rigs. Other publications person attributed the gross driblet to the surge successful vigor prices.

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