Bitcoin miners’ revenue falls 26% in June

In June, Bitcoin miners earned a total of $668 million in revenue. The figure fell by 26% from the previous month, according to report ForkLog.

The Bitcoin hash rate for the month was largely unchanged, with the smoothed seven-day moving average (7 MA) rising by only 1%, to 214.65 EH/s.

The Bitcoin hash rate for the month was largely unchanged, with the smoothed seven-day moving average (7 MA) rising by only 1%, to 214.65 EH/s.

Mining difficulty declined by the same 1% to 29.57 T.

Against the backdrop of the price decline, the hashprice (the daily value of mined cryptocurrency per terahash of power) fell to $0.09, matching October 2020 levels.

According to Arcane Research, the latest-generation ASIC miner Antminer S19 generates about $13,000 per BTC mined (assuming electricity costs of $40 per MWh). The older Antminer S9 are already operating at a loss.

In such a situation, many miners are forced to sell cryptocurrency to cover costs, putting pressure on the market.

Total Ethereum miners’ revenue in June declined by 52% — ETH mined worth $694 million for the month. This is lower than January 2021 ($798 million).

The average transaction fee on the Ethereum network — the second-largest cryptocurrency by market capitalisation — fell by 53.7% for the month to $4.27, comparable to July 2021 levels. In the second half of June, the average bitcoin transaction fee did not exceed $2.

Against weak economic indicators and partial capitulation, mining companies’ stocks fell as much as 50% in a month, including Ebang. Hut 8 and Marathon stock dropped 48%.

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

ForkLog has examined how the price plunge of Bitcoin affected major miners and what the industry’s prospects are.

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