It's simple: When you mess with the bull, you get the horns. Bitcoin
On Dec. 28, 2022, Bitcoin mining revenue dipped to $13.6 million for the first time since October 2020. This, coupled with rising energy prices amid geopolitical tensions, imposed tremendous financial pressure on the companies running mining operations – forcing a few to shut shop.
As Bitcoin remains well-positioned for a steady recovery, the mining industry witnessed a 50% growth in revenue in terms of US dollars, as shown below.Bitcoin mining revenue jumped from $15.3 million on Jan. 1 to nearly $23 million in the span of 30 days. As more miners join to power and secure the decentralized Bitcoin network, the hash rate continues to attain new all-time highs. At the time of writing, the Bitcoin hash rate stood at around the 300 exahashes per second mark.
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