Bitcoin Mining Revenue Drops to Its Lowest Levels Since July 2021

May 2022 Proved to be One of the Worst Months for Bitcoin Mining Revenue

On May 1, crypto analytics platform Ycharts reported daily Bitcoin mining revenue of $40.57 million for miners, but by the end of the month, it had fallen down to $29.37 million. Similarly, daily mining revenue hit an eleven-month low of $22.43 million on May 24. While daily mining revenue spiked to a peak of around $80 million in April 2021, it has since fallen down 62% to current levels.

Mining profitability has also hit its lowest levels since October 2020, according to data from Bitinfocharts. Currently, it reports mining profitability of $0.112 per day for 1 Th/s. The metric has seen a decline of 56% since the beginning of the year and is down more than 75% since the 2021 highs of $0.450 each day per Th/s. At the same time, miners to exchange flows have just hit a four-month high, according to Glassnode, suggesting miners might be making preparations to sell some to cover the falling revenue.

In the meantime, the single-day high for May 2022 was 11% below the best day high in April. The single-day high for April was $46.01 million. The single-day high for May was $40.53 million which is 32% lower than the best day high of $60.16 million in January 2022.