Bitcoin miners’ revenues rise by almost 14% in May

The profit growth took place amid an increase in the number of transactions on the network

02.06.2023 - 09:10

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What’s new? Bitcoin miners earned $916 million in May, including more than $120 million in transaction fees, according to The Block. The increase in revenue compared to April was 13,7%. As noted by representatives of the publication, a significant jump in activity on the Bitcoin network led to an increase in profits. Thus, the number of transactions reached 16,9 million in May.

News on The Block website

Bitcoin network statistics. At the end of 2022, Russian miners earned about 50-60 billion Russian rubles from cryptocurrency mining, this put the country in second place in the world ranking after the United States. Industry participants used about 1 GW of electricity to mine cryptocurrencies in the Russian Federation.

The difficulty of bitcoin mining also continued to set records. As of June 2, it reached 51,23T. According to blockchain explorer BTC.com, the network’s average hashrate is at 373,01 EH/s after another recalculation. As of 08:45 UTC, BTC to USDT is trading at $27 121, having added 0,91% per day.

In this, the total trading volume of BTC and ETH fell to its lowest in 4 years. Thus, according to Santiment, during the week from May 10 to May 17, the trading volume of BTC amounted to $11,45 billion and ETH — $4,62 billion.

The number of major cryptocurrencies on centralized exchanges also fell to its lowest values, with users storing only 5,7% of BTC and 10,1% of ETH issuance on the platforms on May 20, the lowest since 2017 and 2015, respectively. According to experts, the decline in the index usually indicates a future bull market.

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