Bitcoin miners earned less last month

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Ultramining.com

15:35 Oct 06, 2022

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Bitcoin miners earned less last month

Bitcoin miners earned a total of $551 million in August, according to information reports provided by forklog.com. That's down 19 percent from the previous month.

Also other financial figures dropped from ten to nine million U.S. dollars.

What are these numbers related to

Analysts at forklog.com note that this drop may be due to an increase in the BTC hash rate (the total processing power needed to farm crypto). This and other factors have a significant impact on increasing the complexity of mining. Such a negative indicator was recorded at the end of September.

We should not forget about the general stagnation of bitcoin. Which reduces the amount of income per unit of computing power (hashprices). Such figures have not been seen since July 2020. At that time, the "king of crypto" was trading below ten thousand US dollars. At the time, this affected the significant losses incurred by mining companies.

About mining other currencies

After the ether switched to another algorithm (we wrote about ETH from PoW to PoS), the etherium miners began to shift to farming other cryptocurrencies. Because of this, their hash rate increased sharply.

By the end of last month, these figures had stabilized. Ether's hash rate dropped to 147 TH/s. It was about 300 TH/s at the peak. ETHW as of October 1 boasts of 48 TH/s.


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