For the past year, linked mining communities have been fighting for each other’s existence. Now Bitcoin (BTC), is beginning to show signs of a slight bull market. Bitcoin miners saw an almost 50 percent increase in income due to transaction fees and mining incentives.
Bitcoin mining income dropped below $14million in October 2020. The first time it fell below $13.6million was December 28, 2022. Due to this, along with rising energy costs due to geopolitical tensions and increasing electricity prices, mining businesses were placed under significant financial strain which eventually led to some going out of business.
The graph below shows that cryptocurrency mining had an increase in revenue of 50% in US dollars. This was because Bitcoin remained in a favorable position for sustained recovery.
Earnings from bitcoin mining nearly doubled in a month from $15.3 million on January 1, to $23 million.
The hash rate continues to break new records as more miners join in the effort to supply power and ensure safety for the decentralised Bitcoin network. At the time of this article, the Bitcoin hashrate was in the vicinity of 300 exahashes each second.
In an effort to solve the problem, efforts have been made to source more green energy to power Bitcoin mining operations. The mining company in Malawi, a country in southern Africa that is landlocked, recently began tapping into stranded power.
Gridless CEO Erik Hersman was co-founder of Gridless. He stated the following about the initiative’s impact. Because of this initiative, they can now expand to more families. They were able to purchase 200 metres more instantly thanks to our agreement. This allowed them to connect more families.
Additionally, Bitcoin mining has minimal impact on the ecosystem because it is powered entirely by hydroelectricity from rivers.