Investing.com – Bitcoin’s winter looks set to be bittersweet, as more pressure gathers on the crypto market’s biggest cryptocurrency as the FTX crash woke up regulators.
According to data available from the data regulators, the difficulty of mining a Bitcoin block has risen to an all-time high while the total mining revenue has fallen to November 2, 2020 levels.
lowest in two years
Total bitcoin mining revenue — rewards and transaction fees — fell in US dollars to 11.67 million, a number last seen on November 2, 2020, when bitcoin was trading at around $13,500.
Miners’ yield fell to a two-year low due to weak market performance and increased algorithmic demand amid the network’s increasing difficulty. However, the persistent decline in bitcoin hash rate over the past month has allowed miners to recoup losses.
While the current market price of around $16,500 indicates a clear increase in mining yields, factors including mining difficulty and high energy prices are contributing to the decline in income in dollar terms.
The hardest ever
The difficulty of mining a bitcoin block has risen to an all-time high of nearly 37 trillion — forcing bitcoin miners to expend more energy and computational power to stay competitive.
However, over the past three months, the hash rate of the Bitcoin network has seen a steady decline, with a hash rate of 225.9 exahashes per second (EH/s), which is down 28.6% from 316.7 exahashes per second on October 31, 2022.
The hash rate is a security measure that helps protect the Bitcoin network from double spending attacks.
However, given the grand scheme of things, temporary measures taken by the community include acquiring cheaper mining hardware and relocating to jurisdictions with lower energy prices.
New York City Mayor Eric Adams believes that the goal of making New York a digital currency hub can be combined with statewide efforts to reduce environmental costs related to mining.
Adams said during the unveiling that the city will work with lawmakers to find a balance between the development of the crypto industry and legislative needs.
Bitcoin is declining during Sunday’s trading, near $16.54,000, while it is hurting in a narrow range of $200, amid trading volumes exceeding $19 billion, up 3% from yesterday’s trading, Saturday.
Bitcoin declined slightly during the week’s trading and is still hovering near $16.5 thousand levels, after descending below it earlier, to approach a two-year low at $15 thousand levels.
Bitcoin decreased by 16% in one month and 21% in three months, while it declined by 65% from the beginning of the year, and its market value fell to levels below $ 320 billion.