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These highs have not been witnessed since early November of last year, just before the FTX meltdown and accompanying drop in bitcoin's price.
Based on data from the blockchain explorer blockchain.com, miners were making about $16.1 million per day at the start of the year. In the meantime, as of 30 January 2023, the amount is $23.8 million daily. In this light, January's growth rate stands at 48%.
Because miners are paid in BTC, the value of Bitcoin has major significance. On that note, after beginning the month at around $16,500, January ended around $23,000.
The mining profitability increase began to stand out about halfway through January, when profitability for miners hit USD 77 PH/day, signaling a clear upward trend in miner performance metrics.
After a depressing 2022 characterized by a significant bear market and a 65% loss in BTC's market value, miners are optimistic about 2023 with their surprisingly strong start.
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Author: Adam Lee
Asia News Desk / Breaking Crypto News
