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Bitcoin miners report best monthly revenues in 10 months

source-logo  theblock.co 30 March 2023 20:37, UTC

Bitcoin miners are on track to hit their best month in terms of revenue since May 2022, when Terra collapsed and crypto winter really started chilling the industry.

Miners brought in at least $718 million in March so far, according to data from The Block Research.

"With the bitcoin price run, we saw another month of meaningful increase in hashrate, which in turn accelerated block times and resulted in more value being generated for the mining industry as a whole both in terms of BTC and USD," said Charles Chong, Foundry's senior manager of business development.

Hashrate refers to the total computing power from mining machines plugged into the network, and it has gone up by about 20% since the start of the month.

Revenue for miners had been on a decline since March 2022, at the same time bitcoin traded lower. That, combined with a spike in energy prices, drastically thinned margins for companies in the space

A reversal in those trends starting earlier this year has given miners some much-needed breathing room.

At the same time, transaction volume on the Bitcoin blockchain also jumped from $499.34 in February to $689.68 in March as of Thursday.