Mining revenue has become a costly affair, but that could be the signal for a bull run if history repeats itself.
Changes in Bitcoin prices directly impact the miners’ income, who earn fixed block rewards and transaction fees in BTC for running their mining operations. In June 2022, the total mining revenue dipped below the $20 million range, with Blockchain.com dataTotal miners revenue over time. Source: blockchain.com
As shown above, the recent dip in Bitcoin mining revenue was last seen one year back when the total value tanked to $13.065 million on June 27, 2021 — back when BTC traded at roughly $34,000. What followed after that was Bitcoin’s five-month-long epic bull run, which was supported by pro-crypto initiatives such as El Salvador’s BTC acceptance and crypto-friendly regulations across the globe.
Despite mixed sentiments about the recovery of the crypto ecosystem, small-time investors are found to haveamid the bear market as they fulfill their long-term dream of owning one full BTC . Global recession, geopolitical tensions, falling crypto economies like Terra and the ongoing COVID-19 pandemic currently hold the Bitcoin ecosystem from unleashing its true potential.
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