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##Bitcoin Mining Revenue Tops $24M as Industry Expected to Stabilize in 2023

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In Brief


Bitcoin mining revenues and difficulty rise as miners seek renewed profitability after 2022 market rout.


The network difficulty is up to almost 40 trillion from the previous adjustment.


CoinShares' analyst Matthew Kimmel suggests a more stable 2023 for miners, as Bitcoin volatility driven by leveraged lending is removed from the market.


Bitcoin mining revenue rose $8 million, and mining difficulty spiked 5% in January 2023 as rising Bitcoin prices incentivized greater deployment of mining hardware.

Mining difficulty rose about 4.7% from two weeks ago to almost 40 trillion at press time, while revenues grew from around $15.3 million on Jan. 1, 2023, to roughly $24 million at press time.

Revenue Driven by Bitcoin Rally

Bitcoin’s 41% surge since the start of 2023 significantly increases the value of the block reward miners receive, incentivizing them to deploy more resources.


Bitcoin miners are rewarded with Bitcoin by expending computing power to guess the correct hash of a block of Bitcoin transactions. Miners use special computers called ASICs to vary a value called a nonce to generate a hash value less than a predefined number.

The Bitcoin algorithm adjusts mining difficulty once every 2016 blocks or roughly every two weeks. It increases the difficulty if the average time to guess correct hashes for the previous 2016 transaction blocks is less than ten minutes. Lower verification time usually corresponds with increased computational power on the network.

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