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In the past six months, Bitcoin miners’ revenue has dropped by more than 30%, with November revenues approximately $270 million lower than October revenues. The drop in Bitcoin miners’ revenue is attributed to Bitcoin price volatility, increased competition, and higher electricity prices.
Gradual Decline in Miner Revenue
Bitcoin miners’ revenues have fallen by over 30% in the past six months, despite the gradual increase in the price of Bitcoin from its March 10 low of just over $20,000 to just over $38,000 on Dec. 1, 2023. According to banklesstimes.com data, miners’ November revenue of $615.1 million is approximately $300 million less than the January revenue.
Since reaching a high of $918.8 million in January, miners’ revenue has gradually declined in the months that followed. The month of October was the only time this trend was bucked, with miners securing the second-highest monthly earnings of 2023 at $885 million.
Commenting on the drop in miner revenue, Alice Leetham, an analyst at Banklesstimes, said:
This downturn has sparked widespread interest and concern within the cryptocurrency community, prompting us to delve into the factors contributing to this substantial decline.
In the Banklesstimes report, BTC price volatility is identified as one key factor explaining the drop in miners’ revenue. Meanwhile, an earlier report by Galaxy attributes the drop in revenue to what it described as the “incredible increase in network hashrate during the first half of the year.”
The increase in the hashrate is due to improved mining economics, the oversupply of second-hand ASICs in the secondary market, as well as the plugging in of new generation mining rigs. Other publications have attributed the revenue drop to the surge in energy prices.
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