The Bitcoin mining industry has faced many hardships throughout 2022 due to the bear market. However, nothing lasts forever, miners who have managed to overcome difficulties finally get rewards as Bitcoin mining revenue rebounds by 68.63% over the past month.
According to Blockchain.com, BTC mining revenue increased from $13,928 million on July 13 to $23,488 million on August 15. The significant rise in revenue has proven that Bitcoin mining is still a potential business despite the relatively high operating costs. Moreover, lower mining equipment (GPU) prices have allowed BTC miners to expand their current foundation as they seek after mining the last 2 million BTC.
Along with mining revenue, Bitcoin’s hashrate also rose by more than 10% over the past month, adding to the organization’s flexibility against twofold spending assaults. As a result, network trouble, which refers to how hard it is to mine a new BTC block, has increased for the first time since June 2022.
Many crypto miners that constantly dumped Bitcoin in the past like Hut8 Mining Corp, Marathon Digital Holdings, and Core Scientific, have reported soaring stock prices, each performing at least 95% better than June 2022. Thanks to a strong recovery from miners, Bitcoin price has also shown positive signs, quickly surpassing the $25,200 mark and trading at $24,115 on CoinMarketCap.
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