Bitcoin miners’ revenue rises by 28,7% since the beginning of the year
Total revenue for the first three months, including transaction fees, amounted to $1,98 billion
04.04.2023 - 16:00
331
3 min
0
What’s new? Revenue of bitcoin miners in Q1 2023 increased by 28,7% over Q4 2022 to $1,98 billion. According to The Block, BTCmining brought in $755,4 million to market participants in March alone, of which more than $23 million was received as transaction fees.
BTC situation. From January to March the rate of the first cryptocurrency increased by 72%, from $16 500 to $28 400. As the value of the asset rose, the revenue of miners gradually increased, reaching $601 million in January, $627,1 million in February, and $755,4 million in March.
According to Blockchain.com, among industry participants, Foundry, a U.-based mining pool, has the largest share at 29,9%. It is followed by AntPool with 23,71%, and F2Pool rounds out the top three with 12,21%.
What is cryptocurrency mining
In the cryptocurrency world, mining is the process of creating blocks in a blockchain and paying rewards to people who invest their computing resources in the process
As of April 4, 15:20 UTC, BTC is trading at $27 992, down by 0,16% in 24 hours. Meanwhile, the asset has gained 5,12% over the past week, according to Binance. Bitcoin’s mining difficulty is a record 46,84 T, with a total hashrate of 337,87 EH/s, according to aggregator BTC.com. The latter’s historical high was recorded on March 23 at 398,15 EH/s.
Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.
On March 10, a solo miner mined an entire block of bitcoin, earning 6,25 BTC as well as a fee of 0,63 BTC (a total of about $137 270 at the exchange rate at the time).
Earlier, the Ministry of Finance of the Russian Federation proposed to oblige miners to declare their income. According to the draft law, in case of violation, they could face criminal penalties of up to four years in prison.
The Supreme Court of Denmark ruled that profits from BTC, including mined ones, should be taxed, while US President Joe Biden called for a 30% tax on electricity for miners in his 2024 budget plan.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$88 470
BTC
-1.59%
-
Ethereum
$3 087.45
ETH
-3.54%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Dogecoin
$0.373542
DOGE
-3.42%
-
Ripple
$0.825489
XRP
+18.57%
-
Cardano
$0.593947
ADA
+4.24%
-
Bitcoin Cash
$421.95
BCH
-2.26%
-
Polkadot
$4.85
DOT
-3.66%
-
Litecoin
$81.86
LTC
+8.48%
-
Stellar XLM
$0.1356
XLM
+10.17%