On-chain data shows Bitcoin miner revenues have now declined to six-month lows as the price of the crypto has extended to struggle recently.

Bitcoin Miner Revenues Fall To 6-Month Lows

As per the latest weekly report from Arcane Research, the Bitcoin (BTC) miner revenues have now dropped to lows not seen afterward six months ago.

Over the course of the year 2021, the Bitcoin miners enjoyed some super high profits. There were two main reasons behind their amazing revenue during the period.

The first was the high Bitcoin (BTC) price. During the year, the crypto effected two divergent all-time highs, and was generally in a state of uptrend except for a few stretches.

Because of this, whatever revenue Bitcoin miners gained still went up in rate, and kept them in a state of high profit.

The other reason was the hashcost crash by cause of China’s crackdowns on mining. The “hashrate” is an indicator which measures how much computing power is directly combined to the Bitcoin (BTC) network.

With this metric, it’s likely to tell how much competition miners are facing right now. The more the Bitcoin hashrate price, the harder the competition miners face, and the lesser are their profits.

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Now, here is a chart which shows the trend in the Bitcoin (BTC) hashrate over the past year:

Bitcoin Mining Hashrate

Looks like the rate of the indicator has been going up for a at the same time now | Source: The Arcane Research Weekly Update - Week 4

As you can see in the over graph, the hashprice crashed in June. In the period of low hashrate which followed after, miners outside China started enjoying even bigger profits afterward the mining difficulty of Bitcoin dropped a lot.

After all, atop the months the indicator completely recatoped from the crash and is now presently sitting around a new ATH.

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At the same time, Bitcoin (BTC)’s rate has started struggling as it has crashed below $40k. These two experienceors mixed have meant the profits for these miners have seen a decisive reduction.

Bitcoin Miner Profits

Bitcoin (BTC) Miner profits presently sit at six-month lows | Source: The Arcane Research Weekly Update - Week 4

Assuming that the hashprice goes on its uptrend and the cost of Bitcoin atop again doesn’t see any crucial recatopy, the mining profits will further continue to go down in the near future.

Bitcoin (BTC) Price

At the time of writing, Bitcoin’s cost floats around $38.5k, up 1.5% in the advance week. The below chart shows the trend in the cost of the crypto above the past five days.

Bitcoin Price Chart

Bitcoin (BTC)'s cost has progressd sideways around the $38k mark in the go on few days | Source: Bitcoin (BTC)USD on TradingView
Featured image from Pixabay.com, charts from TradingView.com, Arcane Research