- Bitcoin mining profits fell below $14 million on December 28 of 2022.
- The mining profits soared from $15.3 million on January 1 to roughly $23 million.
Profits from Bitcoin continue to grow. Revenue from mining payouts and transaction fees for Bitcoin miners increased by 50% in the first month of 2023. Bitcoin mining profits fell below $14 million on December 28 of 2022, the first time it has happened since October 2020. Financial strain was put on mining businesses as a result of this and the growing cost of energy as a result of geopolitical concerns.
The mining business saw a 50% increase in income measured in U.S. dollars, suggesting that Bitcoin is still set up for a sustained rebound. In only 30 days, bitcoin mining profits soared from $15.3 million on January 1 to roughly $23 million.
Relief For Miners After Long Struggle
The hash rate keeps breaking records as more miners join to provide energy and ensure the safety of the Bitcoin network, which operates independently from any central authority. Approximately 300 exahashes per second was the Bitcoin hash rate recently.
Bitcoin’s proof-of-work consensus method continues to draw criticism for being very energy-intensive to maintain. However, efforts are underway to power Bitcoin mining operations with renewable energy in an effort to address this issue.
On January 30th, Bitcoin’s positive momentum was difficult to sustain due to the tense market environment around the month’s end.
In the first three weeks of 2023, the price of bitcoin saw a spectacular surge. From its low of $16499 on January 1st, the Bull Run drove the price up to a level of $23400 as per CMC, an increase of 42%. However, the BTC showed signs of uncertainty during a strong comeback week in the fourth week before numerous major world events.
