Huge increase in bitcoin mining revenue
The daily miner revenues are now back above $20 million, seeing a 15% growth over the past seven days. The bitcoin miners welcomed this revenue growth, as some of them were in danger of bankruptcy as the industry-wide revenue fell below $18 million – the lowest level since November 2020.
The miner revenue increase is partly caused by last week’s 5% difficulty reduction. This was Bitcoin’s largest downward difficulty adjustment in one year, as the hashrate has fallen 15% from its all-time high in June.