Bitcoin on-chain summary: The hashrate is falling

The falling bitcoin price has made mining less profitable, leading to a decreasing hashrate.

Daily miner revenues are now sitting at $26.7 million, corresponding to a slight increase from last week. During most of 2021, this number was sitting at more than $40 million.

In addition, the hashrate has grown by almost 30% in 2022, meaning that the competition among miners has increased. An increasing number of miners are now competing for decreasing block rewards denominated in USD. This dynamic leads to lower revenues for the individual mining companies, and the public mining companies prepare for a bear market.

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