The Bitcoin mining community has seen a 50% increase in revenue from mining rewards and transaction fees in the first month of 2023 as Bitcoin shows a minor bull run.
As a result of rising energy prices amid geopolitical tensions, Bitcoin mining revenue for December 2022 dropped to $13.6 million for the first time since October 2020.
Bitcoin remains well-positioned for a steady recovery, and mining revenues increased by 50% in U.S. dollars, as shown below.
Within 30 days, bitcoin mining revenue jumped from $15.3 million to nearly $23 million.
At the time of writing, the Bitcoin hash rate stood at around 300 exahashes per second. As more miners join Bitcoin to power and secure the network, the hash rate continues to climb.
In October 2022, Bitcoin witnessed a 41% increase in energy consumption over the previous year, which remains one of the biggest criticisms of Bitcoin.
In an effort to solve this problem, a mining company recently discovered stranded energy in Malawi, a landlocked country in southeastern Africa, that can be used to power Bitcoin mining facilities.
In his speech about the initiative’s overall impact, Gridless CEO and co-founder Erik Hersman stated, “The power developer built these powerhouses a few years ago, but they were barely profitable and couldn’t afford to buy more meters to connect more families because they are barely profitable. This allowed them to purchase 200 more meters immediately to connect more families as a result of our deal.”
A Bitcoin mining facility that runs purely on river-based hydropower also has a low environmental footprint.