In line with recent statistics report by ‘Diar’, Bitcoin [BTC] mining profits have begun rising after falling to their lowest levels in 18 months.
Capping a very hard year for miners, the last month ‘Feb.’ saw revenue drop to amounts not seen since August 2017 — once Bitcoin was at the beginning of its most recent bull run.
Mining profitability gains totalled around $195 Mln, earlier in Feb. this year, down from $210 Mln in Jan. and a fraction of the $951 Mln uncomparable highs seen at the peak of the bullish run in Dec. 2017.
“To create matters slightly tougher, miners running optimum equipments and who have secured wholesale electricity costs have seen their gross margins squeezed requiring a huge deployment of hash power so as to remain slightly afloat,” Diar added.
As ‘reported‘ earlier the last two months of this year weren’t financially very profitable for the miners. A ‘sudden collapse‘ of the crypto market by around 50% in mid-Nov. sparked temporary chaos, with warnings from ‘China’s‘ mining community specifically that network performance would seriously suffer.
The following month began seeing a come back to form, difficulty adjusting to suit current conditions and lately retracing losses.
Diar confirmed the progress, additionally noting that gross mining margins for those deploying Bitmain’s Antminer S9 have improved versus a month agone.
While on the another hand, several other firms with exposure to the mining sector, like hardware manufacturer Nvidia, have ‘additionally‘ warned regarding revenue viability due to the market’s turbulence.