The Bitcoin mining industry was suffering in the previous year. But since the beginning of 2023, there has been a significant change. Bitcoin mining is now becoming even more challenging. However, miner revenue has increased, along with a steady increase in Bitcoin Hash Rate.
Bitcoin’s network hash rate has been steadily increasing and reached a record high of 344.78 EH/s. Meanwhile, Foundry USA and Antpool currently dominate the hash rate at 29.7% and 20.1%, respectively. The mining difficulty has also reached an all-time high, increasing by more than 2% for the fourth consecutive time. The mining difficulty determines the computational power to mine a block on the blockchain. Blockchain.com data shows that the latest push increased the metric to 47.89 trillion at a block height of 784,224 on April 7th.
In addition to difficulty and hash rate increases, Bitcoin’s miner revenue has also increased positively. Data on Blockchain.com revealed nearly 70% growth since the start of the year. Although miner revenue improved during the latter half of 2022, it wasn’t until March this year that the figure saw a substantial leg-up, increasing by 27% in the past month alone. Bitcoin mining companies faced a rocky 2022 due to declining prices, forcing some of them to downsize operations or look for alternative sources of income, while others fought for survival or had to shut down entirely.
A Less Volatile Week For the Crypto Industry
Bitcoin (BTC/USDT – Trade it here), the market leader with a market cap of more than half a trillion dollars, experienced a marginal decline of 1.4% over the past seven days. It is currently trading at $28,353 on MEXC at the time of writing.
On the other hand, Ethereum (ETH/USDT – Trade it here) saw an increase of 2.4% over the same period, currently trading at $1,852, thanks to the “Shapella” network upgrade expected next week. This upgrade will enable withdrawals of ETH staked on the network at the execution and consensus layers, where transactions are executed, recorded, and validated.
Meanwhile, meme coin Dogecoin (DOGE/USDT – Trade it here) saw an 8.8% increase over the last seven days, following Elon Musk’s motion to dismiss a $258 billion lawsuit accusing him of allegedly running a racketeering scheme to support the cryptocurrency. The coin’s value initially surged before dropping and finally stabilizing.
Conclusion
We are starting off the week with some stability and fun. However, it is important to research properly before hopping into any risky trades. Therefore, check out our MEXC trading page and find out what we have to offer! Do not miss out on the golden window. You can learn more about crypto industry news and interesting articles to get you up to speed with the crypto world. Happy trading!
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