Good news for BTC miners as mining income climbs again
In recent weeks, the Bitcoin price has risen, so many miners can finally profit again.
The past weeks the Bitcoin price has risen and thus many miners can finally profit again.
The mining sector has been in crisis for a while. The past years were marked by financial setbacks, rising electricity costs and insolvency. The new year comes as a relief for the battered industry. Bitcoin climbed last month by more than 40 percent, the best January in 10 years. For Bitcoin miners, that means more of a relief.
Bitcoin Mining: revenues rise again
According to a report from BTC-Echo and stats from Glassnode, the BTC mining sector has seen profits rise to $25 million in recent weeks. Hashrate also hit a record high of 300 exahashes per second (EH/s).
Higher revenues for Bitcoin miners and the concurrent positive Bitcoin price should provide temporary relief. But we can only speculate about the long-term trajectory. Additionally, only revenues rose—the cost side of the ledger still plays a major role in this comparison.
Highlight: Bitcoin miner finds 740 BTC
The biggest haul went to Riot Platforms. Last month the mining company found 740 BTC. A personal record. The miner details this in a corresponding press release. It represents an increase of about 62 percent versus the 458 BTC the Texas-based firm mined in January 2022. Compared with the previous month, mined BTC rose by almost 15 percent.
Jason Les, CEO of Riot, is happy with the results. Still, there is reason for concern: in December the mining company paused operations temporarily. The cause was extreme weather in the U.S., which strained power supplies. Les remains confident:
"During the heavy winter storms in Texas, some sections of the pipelines were damaged, taking about 2.5 EH/s of our hashrate capacity offline. Repairs were completed at both facilities and we successfully brought Building F back online, which amounts to 0.6 EH/s of impacted hashrate capacity. - Jason Les, CEO of Riot"
In January the company sold 700 BTC and posted a net gain of about $13.7 million, according to an earlier statement. The profit also showed up on the exchange: the stock (Nasdaq: RIOT) climbed nearly 40 percent last month.
