There has been a significant resurgence in the Bitcoin mining industry since the start of 2023, following severe turbulence last year.
Although mining BTC has become even more challenging, miners’ revenue has increased, providing much-needed relief to these entities. Bitcoin’s network hash rate has been steadily rising and has climbed to another record high of 342.16 EH/s.
- Foundry USA and Antpool are dominating the hash rate with 33.9% and 18.7%, respectively.
- The mining difficulty, which determines the computational power required to mine a block on the blockchain, has also reached an all-time high and increased by more than 2% for the fourth consecutive time.
- According to Blockchain.com data, this latest push elevated the metric to 47.89 trillion at a block height of 784,224 on April 7th.
- Before this, the Bitcoin network experienced a more substantial surge of nearly 8% on March 23. However, the previous two increases were around 1.16% and 9.9%.
- In addition to the increases in difficulty and hash rate, Bitcoin’s miner revenue has also improved significantly.
- Data shows that since the beginning of the year, miners’ revenue has grown by nearly 70%. While miner revenue improved during the later stage of 2022, it wasn’t until March this year that the figure saw a substantial increase. In the past month alone, it was up by 27%.
- In 2022, Bitcoin mining companies faced a rocky period due to declining prices that forced several of them to downsize operations or look for alternative sources of income. Some miners struggled to survive, others had to shut shop, and some declared bankruptcy.
