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While the cryptocurrency market saw the usual ups and downs in May, Bitcoin (BTC) mining computers enjoyed a substantial earnings uptick over the past month. A 13.7% earnings surge saw these miners generating $916.6 million in revenue. Meanwhile, the month-over-month (MoM) growth highlights the profitability and continued growth of the BTC mining business.
— Ordinal News 🟠 (@Ordinal_News) June 3, 2023
Bitcoin miners primarily generate revenue from block rewards – granted after transaction validation and ensuring platform safety. In that context, the increase in earnings indicates Bitcoin mining profitability. That draws more miners to the blockchain, heightening its security.
Bitcoin mining still a lucrative business
The significant surge in earnings shows Bitcoin mining remained lucrative. More individuals joining the network as miners contribute to additional computational power, increasing mining revenue. Furthermore, the earnings surge confirms the Bitcoin blockchain’s resilience and healthiness.
Remember when China banned mining & all the low IQ/EQ people told it was the end of Bitcoin?
Recently at block height 792,288 – bitcoin mining difficulty reached a record high of 50,000,000,000,000 hashes.
More computers are mining $BTC than ever before. pic.twitter.com/U8b6oQkJlI
— Save Invest Repeat 📈 (@InvestRepeat) June 4, 2023
Bitcoin mining remains crucial in ensuring the integrity and security of the blockchain. Meanwhile, miners receive rewards as incentives to ensure decentralization and continued operation of the BTC platform. Revenue increases attract global miners, further strengthening the mining industry.
Also, an uptick in Bitcoin mining revenue shows increased adoption and interest in digital assets. As the bellwether crypto sees acceptance and recognition by the masses, mining resources see surged demand, heightening rewards for the miners.
Moreover, renowned mining firms continue to expand their businesses. Recently, CleanSpark company purchased 12,500 Bitmain machines. It capitalized on discounted prices to get the equipment for $40.5 million. Nonetheless, that presented Bitcoin mining as a lucrative business despite price-wise struggles.
The post Bitcoin (BTC) miners generated $916.6M in May, confirming industry profitability appeared first on Invezz.
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