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Struggling Bitcoin miners are finally seeing an increase in revenue after Bitcoin dropped its mining difficulty by the most in a year.
Like CHK has continuously updated, in the face of a prolonged recession severely affected by the liquidity crisis that began to spread in June 2022, the activity of Bitcoin miners has also plummeted since then. They constantly sell BTC to the market to cover business expenses when facing “huge” debts.
Including leading companies such as Bitfarms, Argo Blockchain and Core Scientific all openly “discharge” Bitcoin, only Marathon Digital is the rare representative “struggled” left. According to the most recent statistics, Bitcoin miners sold 100% of their BTC production in May 2022.
However, things are probably a bit more “optimistic” now after the market’s unexpected recovery on the news that the Fed raised interest rates and US GDP in the second quarter of 2022 decreased by 0.9%.
According to Arcane Research, the daily revenue of miners is now back above $20 million, growing 15% over the past week. Bitcoin miners were overjoyed, as some of them were at risk of bankruptcy as industry-wide revenue fell below $18 million – the lowest level since November 2020.
Daily turnover and trading volume aren’t the only indicators going in the green. Besides, the average transaction value also recorded an increase of 19.68%. The most interesting are blocks per hour mined, which increased by 6.13%, from 5.54 to 5.88. On the other hand, the daily fees made by Bitcoin miners have decreased by 3.81%.
The increase in miner revenue was driven largely by the impact of mining difficulty, which fell 5% last week. This is Bitcoin’s biggest difficulty correction in a year. At the same time, the hashrate is down 15% from the index’s historic high in June 2022.
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