Bitcoin Mining Revenue Surged by 140% Since Christmas

The total bitcoin mining revenue (block rewards plus transaction fees) per day soared by almost 50% since the beginning of the month, tapping almost $24 million.

Despite the significant rise, the figure stands far from the all-time high of over $80 million registered in April 2021. 

• Bitcoin’s rally during the first month of the year seems to have boosted profits for the mining community. Data from YCharts shows that daily BTC mining revenue has soared from $16.1 million on January 1 to $23.8 million on January 29 (a 47% increase).
• The figure rarely surpassed $20 million during the prolonged crypto winter in 2022, dipping to as low as $13 million shortly after the FTX fallout and the consecutive market crash.
• The downtrend continued throughout December (when bitcoin struggled at around $16,500), with daily bitcoin mining revenue dipping below $10 million on Christmas Eve.
• The figure was at its highest of over $80 million in mid-April 2021 (when BTC traded at almost $63,000).
• Bitcoin mining difficulty – a measure that determines how hard it is to mine a BTC block – rose from 35.3 trillion at the start of 2023 to an all-time high of 38.86 trillion as of yesterday (January 29). The previous record of 37.59 trillion was marked two weeks ago.
• Bitcoin’s hash rate – the total amount of computational power employed to mine and process transactions on the network – reached an ATH of 327 TH/s on January 25. It slightly decreased in the following days and currently stands at 311 TH/s.
• 2022 has been devastating for numerous cryptocurrency miners, including some leaders. Core Scientific filed for bankruptcy protection in December, while Argo Blockchain agreed to sell its Helios facility to Mike Novogratz’s Galaxy Digital for $65 million to reduce its overall debts.