Due to the negative effects of the liquidity crisis, Bitcoin miners have been struggling for the past two months. They were forced to liquidate a significant amount of their Bitcoin holdings to balance their business budget and repay debt.
Even the top companies like Bitfarms, Argo Blockchain, and Core Scientific all had to “dump” Bitcoin. According to the most recent data available, Bitcoin miners sold 100% of their Bitcoin output in May 2022. But now, this has been changing in the last 7 days following the price recovery of Bitcoin.
As reported by Arcane Research, the daily revenue of Bitcoin miners now bounced back above $20 million, growing 15% over the past week. This is really good news for many Bitcoin miners because some of them are in danger of bankruptcy as the overall revenue previously fell below 18 million USD – the lowest level since November 2020.
Besides daily revenues and trading volumes, the average transaction value also surged 19.68%, accounting for the second-largest increase for the week. The blocks produced grew by 6.13%, from 5.54 to 5.88; the daily fees realized by bitcoin miners were down by 3.81% – All showed the decrease in mining difficulty.
The difficulty of mining a Bitcoin block dropped by 5% last week. This was the biggest decrease in mining difficulty over the past year. Hashrate also down 15% from its all-time high in June 2022.
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