Revenues from Bitcoin (BTC) mining, which attracted great interest, fell by about 16 percent in September.
Revenues are falling in Bitcoin mining, where countries and companies show great interest. The increasing mining difficulty of the largest cryptocurrency and the increase in the number of miners were cited as reasons for this. BTC mining revenue fell nearly 16 percent to $550 million in September.
Bitcoin Mining Revenues Decreasing Day by Day
A large portion of Bitcoin mining revenues were distributed as block mining rewards, while the remainder came from deducted shares of transaction fees.
Although records are broken in mining hash rate values, its revenues continue to decline. BTC mining revenues fell 5 times in half a year, reaching the lowest revenue level since November 2020.
Ethan Vera, COO of Bitcoin infrastructure company Luxor Technologies, said:
“Declining mining economy leads to quitting of high-cost and low-yield miners”
According to the analysis prepared by The Block, the increase in activities on the BTC network stands out. In addition, there was a noticeable decrease in the number of active addresses on the network. The number of addresses using the network actively decreased by approximately 600 thousand.
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