Bitcoin mining revenue has dropped to levels not seen since November 2022, despite the hash rate reaching new highs. The Bitcoin network hash rate has surged 54% from the beginning of 2023 and 80% over the past year, according to Blockchain.com. However, the revenue has fallen sharply to $0.060 per terahash per second per day, around half of what it was in early May. Bitcoin miners have reportedly been relying on funds from stock sales in the second quarter to keep them afloat during the bear market.
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Bitcoin Miners Struggle as Hash Rate Reaches New Highs and Revenue Slumps to 2022 Levels
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Crypto mining company Core Scientific mined over $175 million worth of Bitcoin in the first quarter
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