Bitcoin miners won $1.08B in revenue in May, then prices hit the floor.
Key receivers
Bitcoin miners surpassed $1.086 billion in revenue in May, their first billion-dollar month since January.Hashprice dropped 17.82% in 30 days, pushing it to only $30.77 per PH/s daily price.A 7.5% difficulty reduction around June 13 may reduce the pressure on surviving miners.
Miners feel the weight of $66K. Bitcoin
The Bitcoin mining sector is struggling with hash price levels not seen since early April, with the daily price in petahash per second (PH/s) falling 17.82% from a month ago. According to data from hashrateindex.com, the daily income per 1 Ph/s was $37.44 30 days ago, but today that figure has dropped to about $30.77.
Outside of the current period, April and most of the stretch between February 18 and the end of March, hashish prices have maintained very strong levels. Tuesday's intraday low of $65,362 was more than enough to discourage miners as low prices continue to put significant pressure on profitability. This gradually affects the hash power Hashrate It has dropped from the 1,000 EH/s range to 975 EH/s.
One factor that benefits miners is that the reduction in computing power pushes slots beyond the network's 10-minute target. At press time, as of 8 a.m. Tuesday, blocks were being produced in an average of 10 minutes and 49 seconds. If the current pace holds until around June 13th, the network's mining problem is expected to settle down.
Current estimates indicate that network congestion could be reduced by 7.5%.
Miners entered June with a strong month and a big question
Bitcoin miners enjoyed May from a revenue perspective, with monthly revenue surpassing $1 billion for the first time since January. According to newhedge.io statistics, miners generated 1.086 billion dollars in the month, of which 1.079 billion dollars was obtained from the 3.125 BTC block subsidy. In other words, transaction fees contributed nothing to the month's revenue haul.
As long as the price goes north, the miners have little to support
Lately, transaction fees have increased slightly after accounting for less than 0.6% of the total block reward. Over the past 24 hours, the average payout has reached a high, representing 1.16 percent of the total block reward. That modest fee increase, combined with a reduction in difficulty, will provide miners with a small buffer, while BTC's price remains under pressure, although it does nothing to change the broader economic reality facing the industry.
The Miners came into June with a strong May on their backs. Where Bitcoin goes from here will depend on whether it bears them over the next few weeks.
