Bitcoin mining revenue jumps 68.6% from the lowest-earning day of 2022

The Bitcoin (BTC) mining industry has endured immense financial stress throughout 2022 as a prolonged bear market directly impacted earnings when converted to US dollars. However, mining revenue was the lowest day of the year, he was a resilient miner until June 13th, and within a month mining revenue he increased by 68.63%.

Bitcoin mining revenues declined throughout the year due to a number of factors, particularly investor sentiment driven by market crashes, ecosystem collapses, and tensions stemming from loss-making investments. Through the noise, the Bitcoin ecosystem has recovered across a number of determinants, including miner earnings in dollars, network difficulty, and hash rate.

data Blockchain.com confirms that BTC mining revenue has increased by nearly 69% in a month. From $13.928 million on July 13, he increased to $23.488 million on August 12. A significant increase in mining revenue ensures that bitcoin mining is a viable business despite the high operating costs. Additionally, the falling price of mining equipment (GPUs) has allowed a BTC miner to expand his existing infrastructure while pursuing his last 2 million BTC mining.

Alongside mining earnings, Bitcoin’s hash rate increased by more than 10% last month, making the network more resilient to double-spending attacks. However, as a result, the network’s difficulty level, which indicates how difficult it is to mine new BTC blocks, has risen for the first time since June.

Related: BTC mining inventory doubles in a month as production increases

The cryptocurrency mining firm reported a surge in its share price last month, reflecting positive results across the Bitcoin network.

Cryptocurrency mining companies such as Hut8 Mining Corp., Marathon Digital Holdings, and Core Scientific have revealed their share prices are skyrocketing.

However, all three companies posted higher losses due to impairment losses on their cryptocurrency holdings.