Bitcoin mining revenue jumps up 50% to $23M in one month

As Bitcoin (BTC) shows a minor bull run, the connected mining environments’ year-long battle for survival has started to pay off. In the first month of 2023, the Bitcoin mining community experienced a 50% boost in profits through mining rewards and transaction fees.

On Dec. 28, 2022, Bitcoin mining earnings dipped to $13.6 million for the first time considering that October 2020. This, coupled with increasing energy prices amidst geopolitical tensions, imposed tremendous financial pressure on mining companies, forcing some to close down.

As Bitcoin remains well-positioned for a consistent healing, the mining market saw a 50% development in revenue in regards to U.S. dollars, as revealed below.

Bitcoin mining income leapt from $15.3 million on Jan. 1 to nearly $23 million in the span of 30 days.As more miners join to power and secure the decentralized Bitcoin network, the hash rate continues to reach new all-time highs. At the time of composing, the Bitcoin hash rate stood at around 300 exahashes-per-second.

Related: Bitcoin stays out of worry for 11 straight days as price suggestions near 24K

Among the most significant criticism of Bitcoin remains the high energy requirement for running the proof-of-work consensus system. In October 2022, Pandoraland reported that Bitcoin experienced a 41% boost in energy usage year-on-year.

Nevertheless, a drive for sourcing greener energy to power Bitcoin mining centers intends to solve the dilemma. A mining company recently used a source of stranded energy in Malawi, a landlocked nation in southeastern Africa.

1600 families connected to this remote hydro minigrid in the mountains of southern Malawi. They have 50kW of stranded energy that we are testing out as a new Bitcoin mining website.

Videos for context.

Still dealing with venting, circuitry, etc pic.twitter.com/Sxf8ABGPWH!.?.!— Gridless(@GridlessCompute)January 21, 2023 As Pandoraland reported, the project– carried out by Gridless– uses 50 kilowatts of stranded energy to evaluate out as a brand-new Bitcoin mining site. Discussing the overall effect of the effort, Erik Hersman, co-founder and CEO of Gridless, specified,”The power designer had developed these powerhouses a couple of years ago, however they weren’t able to expand to more households due to the fact that they

‘re barely successful and couldn’t pay for to buy more meters to connect more households. So, our offer allowed for them to right away purchase 200 more meters to link more families.”In addition, the ecological footprint of the Bitcoin mining center is low as it runs simply off river-based hydropower.