The Bitcoin (BTC) mining business has been facing significant financial strain throughout 2022, as a prolonged bear market directly impacted their earnings when converted to US dollars. However, miners who remained resilient to the year's lowest mining revenue day, June 13, saw a 68.63% gain in mining revenue within a month.
Over the past year, revenue from Bitcoin mining fell due to a variety of issues focusing on investor attitudes, including tensions caused by market crashes, ecosystem failures, and loss-making investments.
Despite the noise, the Bitcoin ecosystem recovered across different parameters, including miners' earnings in dollars, network difficulty, and hash rate.
According to a data report on Blockchain.com, BTC mining earnings increased by approximately 69% in one month, rising from $13.928 million on July 13 to $23.488 million on August 12. Despite high operational costs, the large increase in mining revenue reassures Bitcoin mining as a sustainable industry.
Furthermore, cheaper mining equipment (GPU) prices have enabled BTC miners to expand their existing infrastructure as they seek to mine the remaining 2 million BTC.
Asides from its mining revenue, Bitcoin's hash rate increased by more than 10% in the last month, strengthening the network's resistance to double-spending attacks. Consequently, network difficulty — a measure of how tough it is to generate a new BTC block — increased for the first time since June.
Crypto mining companies reported improved stock prices during the past month, mirroring the favorable outcomes across the Bitcoin network.
Crypto mining companies such as Hut8 Mining Corp, Marathon Digital Holdings, and Core Scientific all reported rising stock prices, with each performing at least 95% better than in June 2022.
