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


The Bitcoin (BTC) mining industry has experienced massive financial stress throughout 2022 as a prolonged bear market directly impacts its earnings when translated into US dollars. However, miners who managed to adjust to the lowest mining revenue day of the year, June 13, saw a 68.63% increase in mining revenue in one month.

Over the course of the year, revenue from bitcoin mining declined due to a multitude of factors centered around investor sentiment – driven by tensions arising from market disruption, ecosystem collapse, and money-losing investments. Bypassing the noise, the Bitcoin ecosystem recovered across several determinants, including US dollar miners’ revenue, network difficulty, and hash rate.

Miners’ total revenue over time. Source:
Data from confirms that BTC mining revenue jumped almost 69% in one month – from $13.928 million on July 13 to $23.488 million on August 12. Additionally, lower GPU prices have allowed BTC miners to expand their existing infrastructure as they seek to mine the last 2 million BTC.

Along with mining revenue, Bitcoin’s hash rate has grown more than 10% over the past month, increasing the network’s resilience against double-spending attacks. However, as a result, network difficulty — a measure of how difficult it is to mine a new BTC block — has increased for the first time since June.

Related: BTC Mining Stocks Double in a Month as Production Rises

Reflecting the positive results across the Bitcoin network, crypto miners have reported higher stock prices over the past month.

Crypto mining companies, including Hut8 Mining Corp. and Marathon Digital Holdings and Core Scientific, reported a sharp rise in stock prices, each doing at least 95% better than June 2022.

However, the three companies recorded extended losses, driven by losses in the value of their crypto holdings.



Please enter your comment!
Please enter your name here