Bitcoin Mining Revenue Drops to Its Lowest Levels Since July 2021

Bitcoin mining revenue fell by as much as 27% in May, according to data from blockchain.com. Last month, miners brought in about $906.2 million in revenue which remains down $253.81 million from April 2022’s value of around $1.16 billion. May ended the streak for miners. Every month since August 2021 saw cumulative mining revenue above $1b until now. Last month’s mining revenue: $906m — Zack Voell (@zackvoell) June 2, 2022 May 2022 Proved to be One of the Worst Months for Bitcoin Mining Revenue On May 1, crypto analytics platform Ycharts reported daily Bitcoin mining revenue of $40.57 million for miners, but by the end of the month, it had fallen down to $29.37 million. Similarly, daily mining revenue hit an eleven-month low of $22.43 million on May 24. While daily mining revenue spiked to a peak of around $80 million in April 2021, it has since fallen down 62% to current levels. Mining profitability has also hit its lowest levels since October 2020, according to data from Bitinfocharts. Currently, it reports mining profitability of $0.112 per day for 1 Th/s. The metric has seen a decline of 56% since the beginning of the year and is down more than 75% since the 2021 highs of $0.450 each day per Th/s. At the same time, miners to exchange flows have just hit a four-month high, according to Glassnode, suggesting miners might be making preparations to sell some to cover the falling revenue. 📈 #Bitcoin $BTC Miners to Exchange Flo...