Bitcoin miners send record $128M in revenue to exchanges

Bitcoin (

Despite the price of Bitcoin increasing more than 88% year-to-date, miners are still facing some tough challenges. Profitability has slumped more than 30% since July last year and is down over 80% since the peak of the 2021 bull market.

When combined with almost record hash rates of 377 EH/s and peak difficulty levels, Bitcoin miners are still facing an uphill battle.

Increasing hash rates and difficulty, combined with higher energy prices, have put downward pressure on mining profitability. This means that selling their hard-earned Bitcoin may prove an unpleasant necessity to cover expenses.

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