Bitcoin (
$110,171.00 ) (BTC) mining revenue and profitability have continued to slide along with the asset’s price this year as the crypto winter deepens.
May has been one of the worst months for Bitcoin ( $110,171.00 ) miners in the past year as revenue and profitability continue to tank. Bitcoin ( $110,171.00 ) daily mining revenue tanked as much as 27% in May, according to data from Ycharts sourcing data from Blockchain.com.
On May 1, the analytics provider reported daily revenue of $40.57 million for BTC miners, but by the end of the month, it had fallen to $29.37 million. Daily mining revenue hit an eleven-month low of $22.43 million on May 24.
BTC daily mining revenue YTD – ycharts.com
Daily mining revenue spiked to a peak of around $80 million in April 2021 but has since fallen 62% to current levels.
May ended the streak for miners.
Every month since August 2021 saw cumulative mining revenue above $1b until now.
Last month’s mining revenue: $906m
— Zack Voell (@zackvoell) June 2, 2022
Mining profitability, which is a measure of daily dollars per terahashes per second, has hit its lowest levels since October 2020, according to Bitinfocharts. The crypto metrics provider currently reports mining profitability of $0.112 per day for 1 Th/s.
Furthermore, the metric has seen a decline of 56% since the beginning of the year and is down more than 75% since the 2021 highs of $0.450 each day per Th/s.
BTC mining profitability 1y – bitinfocharts.com
Bitcoin ( $110,171.00 ) network hash rates remain high, however, with the current daily average at 211.82 exahashes per second, according to Bitinfocharts. The figure is down roughly 16% from its all-time high of just over 250 Eh/s on May 2.
High hash rates but low profitability may suggest that there is a far greater level of competition in the Bitcoin ( $110,171.00 ) mining sector than seen previously. In earlier bear markets, miners have powered down their rigs as the asset price dropped and the operations became temporarily unprofitable.
Related: Controlling 17% of BTC hash rate: Report on publicly listed mining firms
Additionally, miners to exchange flows have just hit a four-month high, according to Glassnode, suggesting that they may be making preparations to sell some to cover the falling revenue.
# Bitcoin ( $110,171.00 ) $BTC Miners to Exchange Flow (7d MA) just reached a 4-month high of 6.188 BTC
Previous 4-month high of 6.002 BTC was observed on 07 April 2022
View metric:https://t.co/WwBf5cbd33 pic.twitter.com/582pKlSeo5
— glassnode alerts (@glassnodealerts) June 1, 2022
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