{"id":510348,"date":"2022-11-28T16:30:03","date_gmt":"2022-11-28T16:30:03","guid":{"rendered":"https:\/\/wncen.com\/?p=510348"},"modified":"2024-06-11T14:28:41","modified_gmt":"2024-06-11T14:28:41","slug":"why-the-bitcoin-miners-revenue-hit-lowest-point-since-2020","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-the-bitcoin-miners-revenue-hit-lowest-point-since-2020\/","title":{"rendered":"Why The Bitcoin Miners&#8217; Revenue Hit Lowest Point Since 2020"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Many crypto investors are still skeptical about the profitability of Bitcoin mining. This is not surprising considering the growing rate of energy prices in recent times. Moreover, the Bitcoin miners&#8217; revenue has been on a downtrend since November 2020.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum-tries-to-keep-luster-as-eth-moves-to-narrower-trading-range\/\" target=\"_blank\" rel=\"noopener \">Ethereum Tries To Keep Luster As ETH Moves To Narrower Trading Range<\/a><\/div>\n<h2>Current Bitcoin Miners\u2019 Revenue<\/h2>\n<p>Meanwhile, BTC miners are experiencing some downturn in their revenue lately. This situation results from reduced prices and the present bearish state of the crypto market. It\u2019s not overly surprising to miners, seeing that the token&#8217;s value against the dollar is going down the drain.<\/p>\n<p>As of November 2021, Bitcoin miners recorded the highest revenue ever had. But <a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/miners-revenue\" target=\"_blank\" rel=\"noopener nofollow\">information<\/a> from Blockchain.com showed that these BTC miners&#8217; revenue had dropped significantly since its peak surge.<\/p>\n<figure id=\"attachment_510350\" aria-describedby=\"caption-attachment-510350\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-510350 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/img1_bitcoin_mining_revenue_271101.jpg?resize=860%2C358\" alt=\"Bitcoin Miners\u2019 Revenue Hits Lowest Point Since 2020\" width=\"860\" height=\"358\"><figcaption id=\"caption-attachment-510350\" class=\"wp-caption-text\">Bitcoin mining revenue chart l Source: Blockchain.com<\/figcaption><\/figure>\n<p>The Bitcoin miners&#8217; revenue is now down to its lowest value since November 2020. At the time of writing, the figure stands at a little over $11.67 million.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bch-price-investors-may-not-want-to-go-long-yet-on-bch-heres-why\/\" target=\"_blank\" rel=\"noopener \">BCH Price: Investors May Not Want To Go Long Yet On BCH \u2013 Here\u2019s Why<\/a><\/div>\n<p>While this downtrend is primarily due to the plummeting price of the BTC token, other metrics also contribute to the occurrence. A noteworthy example is the growing energy prices. Another instance is the decline in the profitable days of Bitcoin. Around 83.40% decline in the profitable days has already been recorded.<\/p>\n<p>BTC holders have witnessed approximately 3,738 days of profits since 2015. On the opposite side, Bitcoin holders would have gained little or nothing for about 747 days in the same period. At the time of writing, BTC trades at $16,146 showing a 24-hour change of -1.72%.<\/p>\n<figure id=\"attachment_510366\" aria-describedby=\"caption-attachment-510366\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-510366 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/img1_bitcoin_profitable_days_271101.jpg?resize=860%2C380\" alt=\"Bitcoin Miners\u2019 Revenue Hits Lowest Point Since 2020\" width=\"860\" height=\"380\"><figcaption id=\"caption-attachment-510366\" class=\"wp-caption-text\">Source: Blockchain.Com<\/figcaption><\/figure>\n<h2>Working System Of Bitcoin Mining<\/h2>\n<p>The working process of <a href=\"https:\/\/crypto.ro\/en\/bitcoin\/#bitcoin-mining\" rel=\"nofollow\">BTC mining<\/a> is simpler than it sounds. However, it demands the right understanding from intending and existing miners. Primarily, Bitcoin miners guess a 64-digit number called a hash. In most cases, it&#8217;s termed hash mining.<\/p>\n<p>Miners depend on powerful computers to quickly guess this 64-digit number (hash). There are about 16 possibilities for every digit in the number. They consist of digits 1 to 10 and letters A to F.<\/p>\n<p>Generating a guess involves rolling a die having 16 sides 64 times. This action alone only generates one guess. Miners still have many more possible answers, and this is where they need their mining systems.<\/p>\n<p>These computers roll the 16-sided die at a very high speed with lots of computer energy. The reward for mining goes to the miner who first arrives at the right hash \u2013 adding a block to the Bitcoin blockchain. The continuity of this process and the price of BTC add up to the revenue of these BTC miners.<\/p>\n<figure id=\"attachment_510349\" aria-describedby=\"caption-attachment-510349\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-510349 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/BTCUSDT_2022-11-28_20-34-58.png?resize=860%2C499\" alt=\"Bitcoin Miners\u2019 Revenue Hits Lowest Point Since 2020\" width=\"860\" height=\"499\"><figcaption id=\"caption-attachment-510349\" class=\"wp-caption-text\">Bitcoin is currently on a downward trend l <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<pre style=\"text-align: center\">Featured image from Pixabay, chart from TradingView.com<\/pre>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Many crypto investors are still skeptical about the profitability of Bitcoin mining. This is not surprising considering the growing rate of energy prices in recent times. Moreover, the Bitcoin miners&#8217; revenue has been on a downtrend since November 2020. Related Reading: Ethereum Tries To Keep Luster As ETH Moves To Narrower Trading Range Current Bitcoin Miners\u2019 Revenue Meanwhile, BTC miners are experiencing some downturn in their revenue lately. This situation results from reduced prices and the present bearish state of the crypto market. It\u2019s not overly surprising to miners, seeing that the token&#8217;s value against the dollar is going down the drain. As of November 2021, Bitcoin miners recorded the highest revenue ever had. But information from Blockchain.com showed that these BTC miners&#8217; revenue had dropped significantly since its peak surge. The Bitcoin miners&#8217; revenue is now down to its lowest value since November 2020. At the time of writing, the figure stands at a little over $11.67 million. Related Reading: BCH Price: Investors May Not Want To Go Long Yet On BCH \u2013 Here\u2019s Why While this downtrend is primarily due to the plummeting price of the BTC token, other metrics also contribute to the occurrence. A noteworthy example is the growing energy prices. Another instance is the decline in the profitable days of Bitcoin. Around 83.40% decline in the profitable days has already been recorded. BTC holders have witnessed approximately 3,738 days of profits since 2015. On the opposite side, Bitcoin holders would have gained little or nothing for about 747 days in the same period. At the time of writing, BTC trades at $16,146 showing a 24-hour change of -1.72%. Working System Of Bitcoin Mining The working process of BTC mining is simpler than it sounds. However, it demands the right understanding from intending and existing miners. Primarily, Bitcoin miners guess a 64-digit number called a hash. In most cases, it&#8217;s termed hash mining. Miners depend on powerful computers to quickly guess this 64-digit number (hash). There are about 16 possibilities for every digit in the number. They consist of digits 1 to 10 and letters A to F. Generating a guess involves rolling a die having 16 sides 64 times. This action alone only generates one guess. Miners still have many more possible answers, and this is where they need their mining systems. These computers roll the 16-sided die at a very high speed with lots of computer energy. The reward for mining goes to the miner who first arrives at the right hash \u2013 adding a block to the Bitcoin blockchain. The continuity of this process and the price of BTC add up to the revenue of these BTC miners. Featured image from Pixabay, chart from TradingView.com [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":565,"featured_media":510354,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,78790,6664,2990],"class_list":["post-510348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusdt","tag-crypto","tag-mining"],"acf":[],"yoast_head":"\n<title>Why Bitcoin Miners\u2019 Revenue Hits Lowest Point Since 2020<\/title>\n<meta name=\"description\" content=\"Crypto investors are still skeptical about the profitability of Bitcoin mining. 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