According to data compiled by The Block Research bitcoin miners’ revenues fell 16.2% in September.
While BTC mining income decreased to $ 550.5 million in September, it was stated that the decrease continued in the 5 months of the last 6 months, and this figure was the lowest amount after November 2020.
As you know, after the Merge in September, the Ethereum network switched to POS.
bitcoin and Ethereum Analysts, who also compare the revenues of miners and stakers, BTC He said that even though miner revenues hit a new low, they earned 1.56x more than Ethereum miners and stakers.
Despite the decline in Bitcoin price and monthly earnings, we see that the miners, whose cost is increasing, do not give up. The hash rate on the network increased by 10.4% in August and by 0.6% in September.
Speaking to The Block, Luxor Technology COO Ethan Vera bitcoin Expressing that the decrease in mining revenues affects small businesses, he said:
“The declining mining economy is leading to the closure of high-cost and low-yield miners. Although some of its miners are liquidating their devices due to the bear market, they are starting to operate in new locations.”
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