As of now, miners are rewarded with 6.25 BTC for successfully creating a new block, in addition to transaction fees. According to data from blockchain.com, on November 12, miners collectively earned $44 million. The period between April 2022 and November 2023 witnessed a decline in revenue for Bitcoin miners globally.
Several factors contributed to this decline, including a prolonged bear market in the cryptocurrency space, negative investor sentiment related to concerns about fraud and potential ecosystem collapse, and regulatory challenges that restricted investors from freely transacting in Bitcoin. These combined factors have impacted the profitability of Bitcoin mining during this time frame. KEEP READING