With Bitcoin mining facing significant scrutiny in recent weeks, the revenue for miners has also taken a hit. However, with the asset’s recent price rally, miners are slowly returning to profitability.
Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that the Bitcoin mining revenue surged 179.4% over the last 30 days. On June 27, miners earned $13.06 million, while on July 26, the figure was $36.49 million. Cumulatively, the revenue for the 30 days stood at $841 million.
Elsewhere, the revenue for the last 30 days represents a drop of 51.47% compared to the $1.7 billion earnings between March 27 and April 26. During this period, Bitcoin was still on a bull run powered by investments from institutions. As of December 2020, miners earned $1.2 billion.
The Bitcoin mining revenue increased amid the asset’s price volatility. As the asset struggled to trade around the $30,000 support level, the revenue remained low. Elsewhere, with Bitcoin showing signs of resurgence towards the $40,000 mark, the mining revenue has increased.
Bitcoin mining revenue still at risk
The report highlights the significance of the Bitcoin mining revenue in recent years. According to the research report:
“Based on the recent Bitcoin price movement, the mining revenue is encouraging, considering that the sector has also experienced a general decline in profitability over recent years. However, with the regulatory crackdown on mining and the carbon footprint concerns, the industry risks losing this year’s gains.”
The main focus on Bitcoin mining has been on the carbon footprint. However, with miners increasingly focusing on renewable sources of energy, fortunes for miners should improve.