BTC Mining Revenues Start Climbing Again After 18-Month Low

Bitcoin (BTC) mining revenues seem to be increasing again after dropping to their lowest levels lasting 18 months according to statistics provided from the crypto news media out Diar confirmed on March 4.

Rounding a hard year for miners, February brought to a massive revenue drop to amounts that have not been seen since August 2017 when bitcoin was just preparing for the Bull Run.

The mining income totaled $195 million in February 2019 which is a drop from the $210 million in January but it’s still nothing compared to the $951 million all-time high that was seen at the peak of the Bull Run in December 2017. Diar added:

 “To make matters slightly more difficult, miners running optimal equipment and who have secured wholesale electricity prices have seen their gross margins squeezed requiring a massive deployment of hash power in order to stay afloat.’’

As previously reported, November and December 2018 were not really beneficial in terms of finances for miners. The sudden price downturn of about 50 percent of the crypto market that happened in the middle of November last year when the chaos emerged, China’s mining community issued multiple warnings that the network performance will very soon suffer.

Later in December, a slight return happened but there was still some difficulty while adjusting to the current conditions on the market and the aim to retract losses.

Bitmain, for example, felt the impact of the massive slowdown when plenty of people lost their jobs when the miner’s jobs suddenly were not-needed. Multiple companies that were exposed to the mining sector such as Nvidia saw their revenue drop during the harsh crypto winter.