Bitcoin's Value and Profitability Declining

Bitcoin’s Value and Profitability Declining

02.06.2022 11:27
by Aleksandar Đurić
1 min read

The past month has not been the best for Bitcoin. It’s value is now 22% percent lower than it was 30 days ago, amounting to $29,939. Moreover, Bitcoin’s market cap has also declined, falling from $750 billion to $569 billion in the same period.

The results are similarly concerning in terms of Bitcoin’s daily mining revenue and profitability. The daily revenue shrank from $40.57 million on May 1, to the figure of $29.37 million at the end of May. It was especially low on May 24, then amounting to $22.43 million. This was Bitcoin’s worst daily revenue in eleven months.

The network’s mining profitability is currently the lowest it’s been since October 2020. It’s $0.112 per day for 1 Th/s (terahashes per second).

On the other hand, Bitcoin’s hash rates are still high, amounting to 211.82 exahashes per second. And, at the beginning of the week, Bitcoin’s value had risen to its highest level in three weeks, before unfortunately declining again as the week progressed.

Author

  • An experienced journalist working in the film and video-game industries for many years. An enthusiast busy with learning new things about the world of crypto every day. Majored in English Language and Literature. Has a shrine in his apartment dedicated to Hidetaka Miyazaki.

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