THE DAILY ENCRYPT

October 3, 2022

Since July Bitcoin Mining Firms on Average Have Seen a Almost 70% Spike in Revenue

The Bitcoin ecosystem has seen a recovery across many determinants since July 2022. These include miners' revenues in dollars, network difficulty, and hash rate....
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The Bitcoin ecosystem has seen a recovery across many determinants since July 2022. These include miners’ revenues in dollars, network difficulty, and hash rate.

In 2022, the Bitcoin ( BTC ) mining industry was in financial distress. The prolonged bear market had a direct impact on their earnings. However, miners who were resilient to June 13 saw a 68.63% rise in mining revenue in a matter of months.

The year saw a drop in revenue from Bitcoin mining due to many factors, including investor sentiment, which is driven by tensions from market crashes and ecosystem collapses, as well as losses-making investments.

The Bitcoin ecosystem has recovered over many determinants. This includes miners’ revenues in dollars, network difficulty, and hash rate.

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Data confirms that BTC mining revenues jumped almost 69% in a single month, from $13.928million on July 13th to $23.488million on August 12. Despite high operating costs, Bitcoin mining is now a viable business.

This is evident by the significant increase in mining revenues. BTC miners have been able to expand their infrastructure due to lower mining equipment (GPU), as they seek to mine the 2 million BTC.

Bitcoin’s hashrate grew by over 10% in the past month. This increases the network’s resilience to double-spending attacks and mining revenue. Network difficulty, which measures how difficult it is for a new BTC-block to be mined, has increased for the first times since June.

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Crypto mining companies have reported an increase in stock prices, reflecting the positive outcomes of the Bitcoin network.

Hut8 Mining Corp. and Marathon Digital Holdings were among the crypto mining companies that saw skyrocketing stock values. Each company performed at least 95% higher than June 2022.

However, all three companies suffered widened losses due to impairment losses on crypto holdings.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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