Bitcoin mining revenue and profitability have continued to slide together with the asset’s worth this 12 months because the crypto winter deepens.
May has been one of many worst months for Bitcoin miners in the previous 12 months as revenue and profitability proceed to tank. Bitcoin daily mining revenue tanked as a lot as 27% in May, in accordance to knowledge from Ycharts sourcing knowledge from Blockchain.com.
On May 1, the analytics supplier reported daily revenue of $40.57 million for BTC miners, however by the top of the month, it had fallen to $29.37 million. Daily mining revenue hit an eleven-month low of $22.43 million on May 24.
Daily mining revenue spiked to a peak of round $80 million in April 2021 however has since fallen 62% to present ranges.
May ended the streak for miners.
Each month since August 2021 noticed cumulative mining revenue above $1b till now.
Final month’s mining revenue: $906m
—Zack Voell (@zackvoell) June 2, 2022
Mining profitability, which is a measure of daily {dollars} per terahash per second, has hit its lowest ranges since October 2020, in accordance to Bitinfocharts. The crypto metrics supplier at present studies mining profitability of 0.112 USD/day for 1 THash/s.
Moreover, the metric has seen a decline of 56% because the starting of the 12 months and is down greater than 75% because the 2021 highs of 0.450 USD/day per TH/s.
Bitcoin community hash charges stay excessive, nevertheless, with the present daily common at 211.82 Exahashes per second, in accordance to Bitinfocharts. The determine is down roughly 16% from its all-time excessive of simply over 250 EH/s on May 2.
Excessive hash charges however low profitability could recommend there’s a far higher degree of competitors in the Bitcoin mining sector than seen beforehand. In earlier bear markets, miners have powered down their rigs because the asset worth dropped and the operations turned quickly unprofitable.
Associated: Controlling 17% of BTC hash fee: Report on publicly listed mining companies
Moreover, miners to change flows have simply hit a four-month excessive, in accordance to Glassnode, suggesting that they could be making preparations to promote some to cowl the falling revenue.
#Bitcoin $BTC Miners to Alternate Circulate (7d MA) simply reached a 4-month excessive of 6.188 BTC
Earlier 4-month excessive of 6.002 BTC was noticed on 07 April 2022
View metric: https://t.co/WwBf5cbd33 pic.twitter.com/582pKlSeo5
— glassnode alerts (@glassnodealerts) June 1, 2022
