Revenues of miners in January 2023 exceeded $600 million

Revival in the crypto market was reflected in the income from cryptocurrency mining. The figure for January reached $604.6 million, which is 27% higher than in the previous month. 

The average fee per BTC transaction showed a significant increase of 127%, reaching the level of $1.41. As for payments for transactions in ETH, there was also an increase from $2.93% to $4.54%. The share of commissions in revenues dropped to $1.38% in January from 2% in December.

The BTC hashrate also continued to grow, whose upward trend demonstrates a significant degree of confidence among market participants that “digital gold” has a significant long-term perspective. 

The complexity of bitcoin mining also continues to grow, setting new records. On the one hand, this makes the process of mining cryptocurrencies less profitable, but on the other hand, it is an incentive to invest in equipment with high efficiency. 

According to the Hashrate Index, hash prices are also recovering and are close to their pre-collapse levels last November.