According to a ForkLog analysis, bitcoin miners accumulated $604.6 million in January – an impressive 27% increase from December!
The Profitability of Bitcoin Miners Is Increasing, But That’s Not All
In January, the cost of Bitcoin transaction fees jumped 127%, from $0.62 to an average fee of $1.41; Ethereum’s grew 55% within this same period – soaring from $2.93 to a staggering $4.54 price tag. As prices recovered, so too did the bitcoin hash rate, increasing 8.6% and just barely hitting 300 EH/s! These massive changes in commission charges also caused their portion of revenue to drop considerably- down to 1.38%.
The steady rise of the indicator speaks volumes to market participants’ unwavering trust in cryptocurrency’s potential down the road. Recently, Bitcoin mining complexity has reached a new record high at around 39.35 T – which is directly correlated to its hashrate. Though an increase in this metric decreases bitcoin miners’ revenue and hampers profit-making endeavors, it also encourages investors to obtain cutting-edge tech and energy-efficient gear for their operations.
There Is Activity In Bitcoin Mining Companies
In February, Foundry USA – the largest pool of digital gold hashrate – nearly grabbed a third (32.3%) of the total market share; only four weeks prior, it was 26.7%. This notable growth means AntPool has fallen further behind its competitor by 19.7% compared to Foundry’s portion. To add on, the second biggest Bitcoin miner company, Marathon Digital, used 1,500 BTC from their 11,418 BTC reserve to cover part of their costs earlier this year, while TeraWulf announced they had successfully raised an impressive $32 million through a share offering as part of debt restructuring agreement obligations with creditors!
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