Bitcoin Miner’s Revenue Crashes to an All-time Low

  • Bitcoin miners’ earnings have dropped dramatically
  • Bitcoin mining revenue block rewards plummeted to $11.67 million
  • There is now difficulty in mining Bitcoin for miners

Bitcoin miners’ earnings have dropped dramatically with the implementation of a new law in New York that prohibits crypto mining for two years.

Additionally, Bitcoin miners’ revenue plummeted to two-year lows due to weak market performance and increased computing demand amid rising network difficulty. However, a recent drop in the Bitcoin hash rate has allowed miners to recoup their losses.

Total Bitcoin mining revenue block rewards plummeted to $11.67 million. A figure is last seen on November 2, 2020, when Bitcoin’s selling price was about $13,500.

Aside from this, the difficulty of mining a Bitcoin block has risen to almost 37 trillion, increasing the amount of energy and computer resources necessary for Bitcoin miners.

Regardless, New York City Mayor Eric Adams is still focused on his desire to create the state a crypto city hub, as he stated:

We must become a welcoming place for all technology. And crypto is part of the overall technology we’re looking at. The question is: how do we make smart choices so that New York City — and America — is a leader in this new technology?

In other news, In order to demonstrate that the exchange is stable and financially sound, Binance made its proof-of-reserves system available, beginning with bitcoin.

The first batch of audit results’ snapshot time is November 22 at 23:59 UTC. The findings revealed that Binance has 575,742.4228 $BTC in customer net balance and 582,485.9302 $BTC in on-chain reserve. Reserve coverage is 101%.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.