Huge increase in bitcoin mining revenue

The struggling bitcoin miners finally see increases in revenues after Bitcoin reduces its mining difficulty by the most in one year.

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.

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