Bitcoin miners’ revenue rose 21% in March

Bitcoin miners’ total revenue for the first cryptocurrency in March reached $757.8 million. The figure rose 21% compared with February, according to ForkLog’s analytical report.

Bitcoin miners’ revenue for March marked its highest level in the last nine months.

The share of fees in the total metric rose above 3% for the first time since June. Meanwhile, volumes of Ordinals digital artifacts transactions in March declined.

For the first quarter, Bitcoin’s hash rate (smoothed 7-day moving average) rose about 26% to a near-360 EH/s peak. At the end of March, the corresponding mining difficulty reached a record high of 46.84 TH — up 33% since the start of the year.

However, thanks to the rally in the first cryptocurrency (price up about 72% over three months), hashprice in March continued to recover. The value reached $0.084 in the last ten days and stabilised at around $0.078 per TH per day.

Growth of the indicator by 31% since the start of the year largely offset the pressure on mining profitability from rising difficulty.

Against the backdrop of higher miner revenues in March, prices for Bitcoin mining hardware continued to fall. The price of latest-generation models over the month dropped from $31.84/TH to $25.47/TH — a 20% decline.

Shares of equipment manufacturers fell in March, while crypto-mining companies posted notable gains.

In February, miners’ total revenue slowed its month-on-month growth to 4% after January’s figure rose by 27%.