Bitcoin Mining Revenue Increases As Hash Rate Hits All-Time High
- March 2023 Bitcoin mining statistics show remarkable mining of new blocks and coins.
- The current prices are the highest since December 2022.
The rallying Bitcoin is spreading positive sentiment across industry sectors, with the ailing BTC mining benefiting greatly. 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 close to 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 enormous amounts of energy.
- The other problem was increasing levels of difficulty; 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 a while.
Energy prices will continue to rise, but the BTC rally helped the cause.
Bitcoin Mining revenue has been rising month-over-month since December 2022. Miners did not see the final numbers in revenue until June 2022. In the last 30 days, 4,498 blocks were discovered, generating a whopping $734.78 million in revenue for the miners.
The revenue dissection
Of the mouth-watering earnings from March 2023, $712.12 million accounted for newly minted 28,112 Bitcoins. At the same time, the miners earned around $22.66 million in transaction fees. This income is particularly high as of 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 basins that received the lion’s share
Foundry USA discovered 1,468 blocks or 9,175 BTC, becoming the largest mining pool by network hashrate. The mining pool hashrate percentage in March 2023 was approximately 32.64%; at the time of reporting, the pool received 105 EH/s of hash power. Another mining pool named Antpool found 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 hash rate 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.
Hash rate growth rate
The increasing hashrates and a ten-minute average of the block intervals suggest that the upcoming difficulty change will be around April 6, 2023. The current difficulty changes could be higher by 1.20% to 1.38%. By comparison, the current difficulty is about 46.84 trillion.
Bitcoin’s hash rate crossed the 100 EH/s range three years ago and is around 240% higher in comparison. During April 2020, BTC miners received approximately $412.42 million in revenue, while transaction fees averaged $6.07 million.
Bitcoin: Where Does It Stand Now?
At the time of writing, Bitcoin was trading at $28,071.20 down 0.71%; the value against Ethereum was 15.62 ETH suffering by 0.13%. Market cap was lowered by 0.68% to $542 billion and volume increased by 64.48% to $16.7 billion in the last 24 hours.
After being ranked number 1, BTC has a market share of 46.32% and an ROI of 45,471,038.11%.
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute 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 money exchange systems. She is also fascinated by the blockchain technology and its function.
