Bitcoin Mining Revenue Spikes as Hashrate Hits an All-Time High

• March 2023 Bitcoin mining statistics show notable mining of new blocks and coins.
• The current rates are the highest since December 2022.

The rallying Bitcoin is spreading positive sentiments across industry sectors, with the ailing BTC mining receiving great benefits. Statistics from the last 30 days show the mining of 4,498 new blocks and the creation of 28,112 new BTCs. The network’s hashrate was near 341 exahash per second (EH/s) for the past two weeks. 

The Current State of Bitcoin Mining

During the harsh crypto winter and major collapses, crypto prices plunged dramatically; the Bitcoin mining community was affected by many problems.

• One was rising energy prices, as mining is an energy-intensive process that requires huge amounts of energy. 
• The second issue was increasing difficulty levels; with most BTCs already in the market, the difficulty level was about to increase. 
• Third was a significant drop in BTC prices; this greatly affected the miners as a reward was not worth the effort for some time. 

Energy prices will keep rising, but the BTC rally helped the cause. 

Bitcoin Mining Revenue has been rising month-over-month since December 2022. Miners did not see the recent numbers in revenue before June 2022. The last 30 days saw the discovery of 4,498 blocks, generating a whopping $734.78 million in revenue for the miners. 

The Revenue Dissection

Out of the mouth-watering March 2023 revenue, $712.12 million accounted for freshly minted 28,112 Bitcoins. At the same time, the miners made around $22.66 million in transaction fees. This revenue is notably high from February 2023, when it was $627 million; in January 2023, it was $601 million, and it was $477 million in December 2022. 

The Two Mining Pools that Got the Lion’s Share

Foundry USA discovered 1,468 blocks or 9,175 BTCs, becoming the biggest mining pool by network hashrate. The mining pool’s hashrate percentage in March 2023 was about 32.64%; at the time of reporting, the pool garnered 105 EH/s hash power. Another mining pool named Antpool located 910 new blocks and created 5,687.50 Bitcoins. 

F2Pool, Viabtc, BTC.com, BBraiins Pool and Luxor follow Foundry and Antpool. It should be noted that Bitcoin’s hashrate went up to the 400 EH/s range last week and was found to be at its all-time high of 414.34 EH/s on March 25, 2023. 

The Hashrate’s Growth Rate

The increasing hash rates and a ten-minute average on the block intervals suggest that the upcoming difficulty change would be around April 6, 2023. The current difficulty changes can be higher by 1.20% to 1.38%. In comparison, the ongoing difficulty level is about 46.84 trillion. 

Bitcoin’s hashrate crossed the 100 EH/s range three years ago and is around 240% higher in comparison. During April 2020, BTC miners gained approximately $412.42 million in revenue, while the transaction fees accounted for an average of $6.07 million. 

Bitcoin: Where Does it Stand Now?

When writing, Bitcoin was trading at $28,071.20 with a drop of 0.71%; its value against Ethereum was 15.62 ETH suffering by 0.13%. The market cap was lowered by 0.68% to $542 billion, and volume gained 64.48% to $16.7 billion in the last 24 hours. 

Being ranked at number 1, BTC enjoys a market share of 46.32% and an ROI of 45,471,038.11%. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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