The miners of the largest cryptocurrency Bitcoin (BTC) earned $555 million in revenue in July of this year, according to data from The Block. Furthermore, the minors have gained about $667 million in revenue in June 2022. These earning are less than a hundred million dollar in BTC mining previous revenue or a 16.7% decrease.
The revenue of last month (July) recorder the lowest revenue, as the value stood at 22.797 million on July 31st. The same month has also seen the lowest level in revenue on the 13th of July at 13.929.
Moreover, the total hash rate also dropped below the 190 million on July 20th for the first time since March.
The data shows that the network difficulty of the leading crypto Bitcoin (BTC) has decreased on July. As it stood at 27.693t on the 31st of July, whereas it stood at 29.57t at the beginning of the month.
However, the miners have been witnessing the the recent market crash brunt, as a number of BTC minors has decided to sell their rigs as profitability fell. At the same time, many countries has raised the electricity costs which added an additional pressure to the industry. And the price of the graphic processors in the second-hand markets fell due to over-availability. This drop in the hash rate and the selling of GPUs may indicate that many BTC miners are quitting the industry due to financial pressures.
Public Bitcoin (BTC) miners sold more than 100% of their production according to the Arcane Research. This number rose by 25%-40%, indicating financial struggles in the space.
The data available shows that the miner are probably not not finding the space profitable, at least for the time being. The high electracy cost and the the low payments are turning the practice non-lucrative. Moreover, many mining company has taken a tumble as their profitability declined.
By the time of writing this article, Bitcoin (BTC) is trading at $22,970.82 in red.