Bitcoin Miner Revenues Stay Low As Price Decline Continues

Bitcoin miners have been one of the worse-hit following the decline in the price of the digital asset. After what can be said to be a wonderful run towards the end of 2021, the miners have now hit a rough patch where their revenues have been dropping. The previous week would prove to be no different, signaling a continuation of lower cash flow on the part of miners, as the daily miner revenues remain depressed in the first week of June. Bitcoin Miners Take A Hit Bitcoin miners have not had the best couple of months now. With the price of bitcoin dropping, miner revenues have taken a hit. This had seen their daily figures drop to $26 million the previous week and with a 1.47% increase last week, daily miner revenues had jumped to $27.19 million. This is a far cry from what miners were earning when the price of the digital asset had hit its all-time high. Related Reading | El Salvador Postpones Bitcoin Bonds A Second Time, Here’s Why Back in November 2021 when bitcoin had been trading as high as $69,000 apiece, daily miner revenues had come out to a cumulative $62 million. This means that daily miner revenues have declined more than 50% in the past six months alone. This drop in profitability has spurred some miners to begin selling their holdings to finance their operations. The percentage of miner revenues made up by fees remains average at 1.67%. There was no growth at all in this metric from the past week even though mo...