Bitcoin (BTC) mining income and profitability have continued to fall this yr together with the asset’s worth because the crypto winter deepens.

Might was one of many worst months for bitcoin miners up to now yr as income and profitability proceed to fall. Based on knowledge from Ycharts, which pulls knowledge from, each day Bitcoin mining income elevated by as a lot as 27% in Might.

On Might 1, the analytics supplier reported each day income of $40.57 million for BTC miners, however that had fallen to $29.37 million by the top of the month. Day by day mining income hit an 11-month low on Might 24 at $22.43 million.

Day by day BTC Mining Earnings YTD –

Day by day mining income peaked at round $80 million in April 2021, however has since fallen 62% to present ranges.

Might ended the streak for miners.

Since August 2021, over $1 billion in cumulative mining income has been recorded each month.

Final Month’s Mining Income: $906 million

— Zack Voell (@zackvoell) June 2, 2022

Mining profitability, which is a measure of each day {dollars} per terahashes per second, has hit its lowest degree since October 2020, in line with Bitinfocharts. The cryptometrics supplier is at the moment reporting mining profitability of $0.112 per day at 1 Th/s.

Moreover, the metric is down 56% year-to-date and down greater than 75% because the 2021 highs of $0.450 per day per Th/s.

, Day by day Bitcoin mining income plummeted to an 11-month low in MightBTC mining profitability 1 yr –

Bitcoin community hash charges stay excessive, nonetheless, with the present each day common standing at 211.82 exahashes per second, in line with Bitinfocharts. It is down about 16% from its all-time excessive of simply over 250 EH/s on Might 2nd.

Excessive hash charges however low profitability could point out that competitors within the bitcoin mining sector is much larger than it was once. In earlier bear markets, miners have shut down their rigs because the asset worth fell and operations turned quickly unprofitable.

Associated: Controlling 17% of BTC hash charge: Report on publicly traded miners

Moreover, in line with Glassnode, miner-to-exchange flows simply hit a four-month excessive, suggesting they might be getting ready to promote some to cowl falling income.

#Bitcoin $BTC Miners to Change Movement (7d MA) simply hit a 4-month excessive of 6,188 BTC

The earlier 4-month excessive of 6,002 BTC was noticed on April 7, 2022

View metric:

— Glassnode Alerts (@glassnodealerts) June 1, 2022

, Day by day Bitcoin mining income plummeted to an 11-month low in Might

, Day by day Bitcoin mining income plummeted to an 11-month low in Might

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