, 2022-07-04 08:11:24,
The general desirability of cryptocurrencies has dropped significantly over the past few months owing to the massive erosion of their value in the market. The growing distaste is one of the market conditions that crypto miners have had to contend with in recent days. This cocktail of factors has plagued profitability for Bitcoin and Ethereum miners, as evidenced by revenue figures reported last month.
Bitcoin miners’ profitability was down in June
Data from The Block Research indicates that Bitcoin mining revenue dipped by over 26% in June. Miners of the Satoshi coin raked in $668 million in rewards across June as leading cryptocurrency Bitcoin lost more than a third of its value.
The revenue figure was primarily contributed to by block reward subsidies at $656.5 million, while transaction fees contributed a meagre $11.5 million. This continued and consistent drop in miner rewards stretches back to October last year, with only slight optimism seen in May. Last month, the Bitcoin network also logged the lowest miner revenue per day this year, recording a total of $14.4 million on June 19.
Consistent hashrate despite dropping profitability
Even with the reducing proportion of returns to Bitcoin miners, the network has remained consistent in hashrate. Over the last week, the blockchain’s computational power ranged between 261.4 EH/s and 182.3 EH/s, though only a few mining rigs have been logging a profit.
Indicative of the persistence of these Bitcoin miners is that the 110 Terrahash Bitmain Antminer SJ19 Pro is currently being run at a profitability of -$0.28, down from $4.63 on May 27. Despite seeing its share of the worse conditions, Bitcoin overturned an overperforming Ethereum that had consistently been more profitable to miners from as far back as April 2021. In…
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