Bitcoin miners’ January revenue falls to $1.21 billion

In January 2022, bitcoin miners’ revenue stood at $1.21 billion, down 15% from the previous month. This is stated in ForkLog report.

The share of fees in bitcoin miners’ revenue fell to a record low — 1.15% or $13.9 million.

In the first month of the year, Ethereum miners earned $2.62 billion — down 7% from December. Fees in revenues exceeded the income from mined blocks — $1.33 billion versus $1.28 billion.

Bitcoin’s hash rate in January rose by 5.33% (a 7-day smoothed moving average), and mining difficulty increased by 9.77%. This indicates a ramp-up of global mining capacity and a full recovery of metrics after the Great Migration of Chinese miners, as well as market participants’ confidence in the long-term prospects of the first cryptocurrency.

The leader in hashrate for January was the Foundry pool, an American company.

Total network hashrate moved up to around 200 EH/s, updating an all-time high.

On January 10, Ethereum’s average on-chain fees surpassed $50, while Bitcoin’s did not reach $3. The latter was driven by subdued on-chain activity amid a weak market and the Taproot upgrade.

Sponsor of the “Bitcoin Industry in Numbers” section — the global blockchain ecosystem Binance.

Earlier in January, an enthusiast tested a 1989-era laptop on MS-DOS for mining the first cryptocurrency.

Subscribe to ForkLog’s YouTube channel on YouTube!