Bitcoin mining revenue is the lowest it has been in two years, and the hash rate is falling

Earnings earned by Bitcoin miners (BTC) fell to two-year lows due to poor market performance and higher demand for computing amid increasing network difficulties. However, a drop in the Bitcoin hashrate over the past month has allowed miners to recoup their losses.

Total Bitcoin mining revenue – block rewards and transaction fees – fell to $11.67 million in US dollars.

While the current market price of around $16,500 shows a clear increase in mining revenue, factors such as increased mining difficulty and rising energy prices are contributing to lower dollar revenue.

In addition, the difficulty of mining a Bitcoin block has risen to an all-time high of nearly 37 billion, forcing Bitcoin miners to expend more energy and computing power to stay competitive.

However, over the past three months, the hash rate of the Bitcoin network has been steadily decreasing. The hashrate is 225.9 exahashes per second (EH/s), which represents a 28.6% drop from the historical 2022 value of 316.7 EH/s. October 31

Hash rate is a security metric that helps protect the Bitcoin network from double-spending attacks. However, in the grand scheme of things, temporary measures taken by the community include purchasing cheaper mining equipment and moving to jurisdictions with low energy prices.

New York City Mayor Eric Adams believes that the goal of making New York a cryptocurrency hub can be combined with the state’s efforts to curb the environmental costs associated with cryptocurrency mining.

“I’m going to work with legislators who are supportive and those who have concerns, and I think we’re going to come to a great meeting point,” Adams said, revealing that the city will work with lawmakers to find a balance between development of the cryptocurrency industry and legislation. needs.

Bitcoin mining difficulty dropped by more than 7%

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