Bitcoin miners are emerging from months of financial pressure as rising BTC prices lift daily industry revenue by 78%.
According to CryptoQuant's weekly report shared with CryptoSlate, total daily mining revenue climbed from approximately $27 million at July's lows to as much as $48 million, following Bitcoin's roughly 45% recovery from $58,000 to above $83,000.
The turnaround is also visible in hashprice, a closely watched measure of mining economics that tracks the expected daily revenue generated by a unit of computing power.
Data from Hashrate Index shows the metric recently climbed above $40 per petahash per second per day, its highest level since January. It has slightly declined to around $39 as of press time.
That marks a significant recovery from the industry's financial difficulties earlier this year. CoinShares previously reported that hashprice fell to approximately $27.70 in June, reflecting a combination of lower Bitcoin prices, persistently weak transaction fees, and mining difficulty that remained elevated relative to revenue.
The subsequent recovery has improved the economics of running mining equipment, although the gains vary considerably across operators depending on electricity costs, hardware efficiency and financing obligations.
CryptoQuant's Miner Profit/Loss Sustainability indicator shows that the industry's financial position has improved substantially since August.
Between May and August, miners were largely classified as “extremely underpaid,” indicating that mining revenue was insufficient relative to the network's difficulty under the firm's methodology.
That changed on Aug. 21, when Bitcoin reached approximately $76,000. Since then, the indicator has generally remained in its “fairly paid” category, pointing out that mining revenue has recovered relative to the computational resources required to secure the network.
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