๐๐ข๐ญ๐๐จ๐ข๐ง ๐ฆ๐ข๐ง๐๐ซ๐ฌ ๐๐๐๐ 30% ๐ซ๐๐ฏ๐๐ง๐ฎ๐ ๐๐๐๐ฅ๐ข๐ง๐ ๐ข๐ง 6 ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ
The past six months have seen a significant downturn in Bitcoin miners' revenue, dropping by over 30%, with a notable $270 million decline from October to November. This reduction is attributed to several factors including Bitcoin's price volatility, increased competition in the mining sector, and the surge in electricity costs, according to Bitcoin.com.
Despite Bitcoin's price recovering from its March low of just over $20,000 to around $38,000 by December 1, 2023, miners have not seen a corresponding increase in revenue. In fact, the revenue in November was approximately $300 million less than that in January, marking a steep decline from the January high of $918.8 million. Although October saw a brief uptick in earnings, the overall trend for the year has been a gradual decrease in miners' revenue.
Analysts like Alice Leetham from Banklesstimes have taken a keen interest in this decline, attributing it primarily to the volatility in Bitcoin prices. Additionally, the report from Banklesstimes highlights the significant increase in network hashrate during the first half of the year, driven by improved mining economics, the abundance of second-hand ASICs in the secondary market, and the introduction of new generation mining rigs. This increase in hashrate, while indicative of a growing interest in mining, has also contributed to the revenue drop due to heightened competition.
Another factor impacting miners' revenue is the rising energy prices globally, which have added to the operational costs of mining operations. This increase in expenses, coupled with the fluctuating Bitcoin prices and intense competition, has created a challenging environment for miners.
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