The situation in the crypto market may not be as great as it was at the end of 2021. However, recently there have been some signs of recovery. Bitcoin (BTC) miners are seeing their revenues increase again since the bottom on the 13th of July. Also, the hash rate increased over the past months, which further signals a recovery for BTC miners.
Bitcoin miners in rough weather
Just like investors, miners are experiencing rough times. The bitcoin price has dropped significantly, leading to a decrease in mining revenues. In the worst cases, some of these mining companies will not make it through the current bear market.
However, this also means that new opportunities arise. The hash rate has dropped over the past months, which means that as a result, the difficulty also dropped. In simple terms, this means that mining bitcoin has become more accessible. It is not surprising that this sparked an inflow of new miners. As a result, the hash rate has started to rise again. But more interestingly, the mining revenues are also increasing again.
Total mining revenues – Source: Blockchain.com
According to data from Blockchain.com, the total revenue miners saw reached its lowest point on the 13th of July. All miners together generated a revenue of $13.9 million. This includes the rewards for successfully mining a block and the transaction fees. The most recent data shows that this figure rose to $21.7 million on the 25th of August, an increase of 56%.
Bitcoin hash rate sees a similar increase
The recovery is not only visible in the miner revenue figures. When looking at the total hash rate chart, we see a similar uptrend since the beginning of July. The lowest hash rate point was reached on the 20th of July at 189.8 million terahashes per second (TH/s). Currently, the hash rate stands at 217.3 million TH/s, an increase of 14%.
Total hash rate Bitcoin network – Source: Blockchain.com
One of the conclusions we can draw from the charts above is that the Bitcoin network remains incredibly resilient, even in times like these. Interestingly, it does so by giving smaller, new miners the chance to participate in bitcoin mining. The current situation could be an excellent opportunity to start your mining adventure.
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