Bitcoin News

Bitcoin mining revenue jumps up 50% to $23M in one month

Bitcoin mining revenue jumps up 50% to $23M in one month

As Bitcoin (BTC) shows a minor bull run, the connected sub-ecosystems’ year-long struggle for survival has started to pay off. For starters, the Bitcoin mining community experienced a 50% increase in revenue — through mining rewards and transaction fees — in the first month of 2023.

On Dec. 28, 2022, Bitcoin mining revenue dipped to $13.6 million for the first time since October 2020. This, coupled with rising energy prices amid geopolitical tensions, imposed tremendous financial pressure on the companies running mining operations – forcing a few to shut shop.

As Bitcoin remains well-positioned for a steady recovery, the mining industry witnessed a 50% growth in revenue in terms of US dollars, as shown below.

Bitcoin mining revenue increased by 50% in January 2023. Source:

Bitcoin mining revenue jumped from $15.3 million on Jan. 1 to nearly $23 million in the span of 30 days.

As more miners join to power and secure the decentralized Bitcoin network, the hash rate continues to attain new all-time highs. At the time of writing, the Bitcoin hash rate stood at around the 300 exahashes per second (EH/s) mark.

Related: Bitcoin stays out of fear for 11 straight days as price tips near 24K

One of the biggest criticism of Bitcoin remains the high energy requirement for running the proof-of-work consensus mechanism. In October 2022, Cointelegraph reported that Bitcoin witnessed a 41% increase in energy consumption year-on-year (YoY).

However, a drive for sourcing greener energy to power Bitcoin mining facilities aims to solve the predicament. Most recently, a mining company tapped into a source of stranded energy in Malawi, a landlocked country in southeastern Africa.

As Cointelegraph reported, the project — undertaken by Gridless — uses 50 kilowatts (kW) of stranded energy to test out as a new Bitcoin mining site.

Speaking about the overall impact of the initiative, Erik Hersman, CEO and co-founder of Gridless stated, “The power developer had built these powerhouses a few years ago, but they weren’t able to expand to more families because they’re barely profitable and couldn’t afford to buy more meters to connect more…

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