The revenue of bitcoin miners fell to $9.55 billion in 2022, according to The Block’s statistics.
This decline in revenue was due to the downward trend in the cryptocurrency market, including the drop in the value of bitcoin from over $48,000 to a low of $15,590 by the end of 2022.
In 2021, bitcoin miners earned around $15 billion, a 206% increase from the previous year. The growth in the value of bitcoin in 2021 played a significant role in this increase.
However, since reaching a record high of $68,789 in November 2021, bitcoin’s value has decreased by 75.69%.
Many miners liquidated their assets and went out of business in 2022 due to the weak market, but some have remained optimistic about a trend reversal in 2023.