6.7 C
New York
Wednesday, March 29, 2023

Bitcoin Mining Update: Crypto miners benefit so much from the BTC rate

The Bitcoin price has risen enormously in the last few weeks. The crypto mining industry also benefits from this.

The mining industry is in crisis . The last period has been characterized by financial difficulties, rising electricity costs and bankruptcy . The new year is therefore balm for the battered industry. Bitcoin climbed more than 40 percent up the price ladder over the past month, its best January performance in 10 years . For Bitcoin miners, this means relief – which is noticeable.

Bitcoin Mining: Revenue is increasing again

The entire crypto mining industry has been able to increase its profits to a maximum of 25 million US dollars in the past few weeks. At the same time, the hash rate is currently at an all-time high of 300 exahashes per second (EH/s) .

Also Read: Face recognition system will be installed for almost a billion rubles on the border of Russia

The increased income of Bitcoin miners and the parallel positive Bitcoin trend should provide temporary relief. However, one can only speculate about the long-term development. In addition, only income has increased – but the level of costs plays an equally important role in the equation.

All-time high: Bitcoin miner finds 740 Bitcoin

The best example: Riot Platforms. Last month, the bitcoin mining company found 740 BTC. An all-time high. The miner explains this in a corresponding press release . It’s an increase of about 62 percent compared to 458 BTC the Texas-based company was able to mine in January 2022. In relation to the previous month, the number of mined BTC increased by almost 15 percent.

Jason Les, CEO of Riot, is pleased with this result. Nevertheless, there is reason for concern: In December, the Bitcoin miner temporarily ceased operations. The reason was the extreme weather conditions in the USA , which put a strain on the power supply. However, Les is confident:

Some sections of pipeline were damaged during the severe Texas winter storms, impacting approximately 2.5 EH/s of our hashrate capacity. Repairs were made to both buildings and we successfully brought Building F back online, which is 0.6 EH/s of the affected hashrate capacity.

Jason Les, CEO of Riot

In January, the company sold 700 BTC and realized net proceeds of about $13.7 million, according to the release. There was also a profit on the stock market: The stock (NASDAQ: RIOT) climbed almost 40 percent in the last month.

Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.