Although Bitcoin Price Is Higher, Mining Revenues Have Dropped In The Last 2 Years

BTC verifying transactions on the network bitcoin According to the data, miners’ incomes fell to the lowest level in the last 2 years.

According to the chart on the Blockchain.com website, the revenue generated by Bitcoin miners dropped to $11.67 million. This figure, which is the lowest income in the last 2 years, was last seen in November 2020. At that time, Bitcoin was trading at $13,500.

Although Bitcoin is 22% more valuable than its price 2 years ago, increased energy costs and increased mining difficulty (hashrate) are the main reasons for the decrease in revenue.

Hashrate Runs From Peak to Peak

Leader cryptocurrency Network difficulty (hashrate) hits a new high every day, while the income of miners verifying transactions on the unit’s network is falling. Bitcoin hashrate has risen to 37 million according to current data.

Network difficulty is interpreted as the effort spent verifying the transaction on a blockchain network. The increase in the hashrate rate means that miners have to put in a lot more effort to earn 1 Bitcoin. The increase in the hash rate is one of the most important data showing that more users are joining to verify blockchain networks.

While the Bitcoin hash rate has been rising steadily for a long time, it fell by 28.6% in the first days of October. However, the recovery did not last long.