BTC mining worth its weight in gold - After a long crypto winter during 2022, the cryptosphere has seen an early spring revival, starting in early 2023. This recent upturn in Bitcoin (BTC) prices has also benefited the miners of the king of cryptocurrencies. They haven't raked in this much revenue in nearly a year.
With the price of Bitcoin once again approaching $30,000, participants in the block validation of BTC transactions are celebrating. As The Block notably reports, miners contributing to the Bitcoin blockchain's proof-of-work (PoW) consensus have indeed seen their earnings increase again for this March 2023.
According to The Block Research's data, by combining the nearly $732 million in block rewards (6.25 BTC per validated block of transactions) with the $23.5 million in transaction fees, miners on the Bitcoin network raked in a total of more than $755.4 million for the month just ended.
You have to go all the way back to the month of Terra's disastrous UST algorithmic stablecoin (LUNA) crash event in May 2022 to find higher total monthly revenue. So that's a 10-month record that has just been set, in a dynamic of 3 continuous months of rising revenues for miners.
Bitcoin miners' earnings are back on the rise since the beginning of 2023 - Source: The Block
This clear improvement in miners' earnings has, moreover, attracted greed, and therefore competition, among BTC miners once again. Thus, the total computing power put into the Bitcoin network, the hashrate, has also started to rise again. The appetite for mining precious Bitcoins has never been so high, as March 2023 ends on a hashrate that is at ATH (all-time-high).