Bitcoin daily mining revenue slumped in May to eleven-month low
Bitcoin mining income and profitability have continued to slip together with the asset’s value this yr because the crypto winter deepens.
Could has been one of many worst months for Bitcoin miners up to now yr as income and profitability proceed to tank. Bitcoin day by day mining income tanked as a lot as 27% in Could, in response to knowledge from Ycharts sourcing knowledge from Blockchain.com.
On Could 1, the analytics supplier reported day by day income of $40.57 million for BTC miners, however by the top of the month, it had fallen to $29.37 million. Each day mining income hit an eleven-month low of $22.43 million on Could 24.
Each day mining income spiked to a peak of round $80 million in April 2021 however has since fallen 62% to present ranges.
Could ended the streak for miners.
Each month since August 2021 noticed cumulative mining income above $1b till now.
Final month’s mining income: $906m
— Zack Voell (@zackvoell) June 2, 2022
Mining profitability, which is a measure of day by day {dollars} per terahash per second, has hit its lowest ranges since October 2020, in response to Bitinfocharts. The crypto metrics supplier at present experiences mining profitability of 0.112 USD/day for 1 THash/s.
Moreover, the metric has seen a decline of 56% because the starting of the yr and is down greater than 75% because the 2021 highs of 0.450 USD/day per TH/s.
Bitcoin community hash charges stay excessive, nonetheless, with the present day by day common at 211.82 Exahashes per second, in response to Bitinfocharts. The determine is down roughly 16% from its all-time excessive of simply over 250 EH/s on Could 2.
Excessive hash charges however low profitability could counsel there’s a far larger stage of competitors within the Bitcoin mining sector than seen beforehand. In earlier bear markets, miners have powered down their rigs because the asset value dropped and the operations grew to become briefly unprofitable.
Associated: Controlling 17% of BTC hash price: Report on publicly listed mining corporations
Moreover, miners to change flows have simply hit a four-month excessive, in response to Glassnode, suggesting that they might be making preparations to promote some to cowl the falling income.
#Bitcoin $BTC Miners to Trade Move (7d MA) simply reached a 4-month excessive of 6.188 BTC
Earlier 4-month excessive of 6.002 BTC was noticed on 07 April 2022
View metric:https://t.co/WwBf5cbd33 pic.twitter.com/582pKlSeo5
— glassnode alerts (@glassnodealerts) June 1, 2022
