For the entire year 2022, Bitcoin miners mined $9.45 billion — 43% less than the year before ($16.7 billion). This is according to ForkLog’s analytical report.
The decline was driven by the drop in the price of the cryptocurrency, as well as a rise in hash rate (+47.7%) and difficulty (+46%). Meanwhile, in December, bitcoin miners’ revenue amounted to $477 million, up 1% compared with November.
Foundry USA significantly strengthened its lead among the largest Bitcoin mining pools. At the start of the year its hashrate share was 16.5%. By the end of the reporting period the figure surpassed 26%.
Many market participants faced debt-servicing challenges in 2022, and some even faced bankruptcy. Nevertheless, the share of publicly listed companies in the network’s hashrate reached 25%.
In 2022, the mining company HIVE Blockchain mined 3,146 BTC. The total output of the firm’s digital assets during the period, expressed in Bitcoin, amounted to 4,752 BTC.
In December, Argo Blockchain mined 147 BTC after 198 BTC in November. The production decline amounted to 25.75%. In the same period, mining company Core Scientific generated 1,435 BTC.
Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analytics.