As Bitcoin mining remains perfectly positioned for a constant recovery, the mining sector saw a 50% increase in revenue in terms of US dollars. The biggest crypto is continuing with its minor bull run. It seems like the connected mining ecosystems’ year-long struggle for survival seems to have begun to pay off.
In the first month of 2023, the Bitcoin mining community recorded a 50% increase in revenue via transaction fees and mining rewards. On December 28, 2022, Bitcoin mining revenue dropped to $13.6 million for the first time since October 2020. That, coupled with increasing energy prices amid geopolitical tensions, imposed massive financial pressure on mining firms, compelling some of them to shut down.
As Bitcoin remains perfectly positioned for a strong recovery, the mining sector saw a 50% growth in revenue in terms of US dollars, as seen in the market charts.
Bitcoin mining revenue spiked from $15.3 million on January 1 to almost $23 million within 30 days.
As more miners join to power and secure the decentralized Bitcoin network, the hash rate continues to reach new all-time highs. At the time of publication, the Bitcoin hash rate stood at about 300 exahashes-per-second.
One of the largest criticism of Bitcoin remains the high energy need for running the proof-of-work consensus mechanism. In October 2022, reports emerged that Bitcoin recorded a 41% increase in energy consumption year-on-year.
Nevertheless, a push for sourcing greener energy to power Bitcoin mining facilities strives to solve the predicament. A mining firm recently tapped into a source of stranded energy in Malawi, a landlocked nation in southeastern Africa.
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1600 families connected to this remote hydro minigrid in the mountains of southern Malawi. They have 50kW of stranded energy that we are testing out as a new Bitcoin mining site.
Videos for context.
Still working on venting, wiring, etc. pic.twitter.com/Sxf8ABGPWH
— Gridless (@GridlessCompute) January 21, 2023
Based on previous reports, the project – undertaken by Gridless – utilizes 50 kilowatts of stranded energy to test out as a new Bitcoin mining site. While speaking about the general impact of the initiative, the co-founder and CEO of Gridless, Erik Hersman, said:
“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 families. So, our deal allowed for them to immediately buy 200 more meters to connect more families.”
Furthermore, the environmental footprint of the BTC mining facility is low since it runs fully on river-based hydropower.
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