According to the data, Bitcoin (BTC) miners generated $1.45 billion in May, a 15.01% drop from $1.7 billion in April. The revenue drop happened when BTC went through wild changes of around 36% in May. From March to April, mining revenue grew by 2.5%, hitting $1.7 billion.
Moreover, May 2021 was a challenging month for Bitcoin. The leading digital currency experienced a more than 50% change after reaching its record high in April. Following this, BTC miners obtained reduced revenue after the crash and increased regulation concerns.
In fact, April 15th had the highest daily BTC mining revenue ($77 million) in the past three months. On the other hand, May 29th had the lowest profits of $26 million.
Last month, market analysts predicted mining revenue to plunge as crypto criticizers focused on BTC’s energy usage. For instance, Elon Musk criticized Bitcoin due to its insane electricity usage, forcing the car manufacturer to suspend BTC transactions. Other countries like China followed with clampdowns targeting Bitcoin miners.
At the moment, BTC mining revenue looks promising, given that the market has seen profitability decline in recent months. Unfortunately, the BTC industry might testify to decreased mining profits since the regulators target large-scale crypto miners.
On the other hand, MicroStrategy CEO Michael Saylor hosted a meeting with Tesla (NASDAQ:TSLA) CEO Elon Musk and Bitcoin miners in North America to build a Bitcoin Mining Council. Notably, North America is taking the lead to establish a bitcoin mining hub that relies on renewable energy.
This article was first published on coinquora.com
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Source: Cryptocurrency - investing.com
