Bitcoin mining revenue rises by 68% since July

During the same period, the hashrate of the network dropped by almost 10%

13.08.2022 - 09:00

509

2 min

What’s new? According to Blockchain.com, bitcoin mining revenue for the month increased by 68,63%, from $13,92 million on July 13 to $23,48 million on August 12. The network’s hashrate fell by almost 10% over the past month, from 231 TH/s to 209 TH/s. Also during this period, the difficulty of mining the first cryptocurrency decreased by 3%, from 29,11 TH to 28,17 TH. According to Binance on August 13, 09:45 UTC, BTC is trading at $24 494, having gained 2% in 24 hours. And over the past month, the price of bitcoin rose by 24,14%.

Source: Blockchain.com

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.

What else is known about bitcoin mining? According to Cointelegraph, mining companies reported stock price increases over the past month. Specifically, Hut8 Mining Corp. (HUT), Marathon Digital Holdings (MARA), and Core Scientific (CORZ) have all recorded soaring prices for their securities, each up at least 95% since June. At the same time, however, all three companies reported losses due to the depreciation of their crypto assets.

HUT shares are trading at $4,48 (+17,59 per day), MARA at $18,24 (+6,11%), and CORZ at $3,36 (+3,7%), according to Investing.com.

In June, BTC outperformed ETH in terms of mining profitability for the first time in 2022. In July, however, Ethereum’s mining profitability overtook bitcoin again. For this month, the total mining revenue amounted to $596,33 million and $574,89 million, respectively.

Author: