Bitcoin mining is in its lowest since Nov. 2020

Although bitcoin price correlates directly with the BTC mining industry, miners’ revenues have reached an all-time low since November 2020.

According to data from, total bitcoin mining revenue fell to $14.35M, last seen on Nov. 6, 2020, when bitcoin was trading at around $13,5K.

Although bitcoin is currently trading around $16,5K, which suggests an apparent increase in mining revenues, factors including greater mining difficulty, rising energy prices, and overall depressing market conditions are contributing to the decline. Network Difficulty chart data for Network difficulty

In the chart above, the network difficulty skyrocketed since the end of July 2020, which impacted the lower mining revenues mentioned before.

The hash rate, a security metric to protect the network from double-spending, stands at three month low, 249 EH/s, which fell around 29% from its all-time high of 316,7 EH/s on Oct. 31, 2022. Total Hash Rate (TH/s) data

It should be taken into account that now miners buy cheaper hardware equipment and migrate to states with low energy prices.

Although bitcoin mining remains a debatable topic, it is increasingly common to hear how miners can help balance electricity demand. This is demonstrated in Texas, where bitcoin miners can participate in demand response programs, encouraging miners to shut down their operations during peak demand.

Related: NY PoW mining ban comes into force

NY mayor Eric Adams shared that the goal is to make New York a crypto hub, simultaneously reducing the environmental costs of mining:

“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”

Related: Bitcoin Mining Difficulty Rising

The mayor said the city would work with lawmakers to find a balance between the development of the crypto industry and legislative needs.


  • Previously worked in the arts, now specializes in covering crypto with an emphasis on DeFi, blockchain and mass adoption. Offers simple and clear writing, always looking for new ways to present information. Major in International Relations, minor in English, in a spare time reads postmodern literature, does yoga and watches movies.

Subscribe to
Crypto Ping Pong Digest

Trash style news. You will definitely like

Yellow background Yellow background
Subscribe and be in touch
Click here