Bitcoin miners’ revenue fell to two-year lows due to poor market performance and increased computational demand amid rising network difficulty.
Total Bitcoin mining revenue in US dollars fell to $11.67 million, according to Blockchain.com.
In addition to the foregoing, the difficulty of mining a Bitcoin block has risen to an all-time high of about 37 trillion, which leads to Bitcoin miners using more energy and computer resources in order to remain competitive.
However, the Bitcoin network’s hash rate has been steadily declining over the last three months. The hash rate is now 200.2 exahash per second (EH/s), down 36.8% from its all-time high of 316,7 EH/s on October 31, 2022.
At the time of writing, BTC is trading at $16,540.
The decrease in revenue leads to a difficult situation for crypto mining companies today, some names can be mentioned, such as Core Scientific, Argo Blockchain, and Compute North.
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