BTC mining difficulty rose 50% over the past year to a new all-time high of 39.35 EH/s, up from 26.24 EH/s on 30 January 2022. However, the price of bitcoin has dropped 39% in the same time period, from $38,232 to $23,311, cutting into bitcoin miner profit margins.

Bitcoin miners are realizing less revenue as more computational power is required to mine a coin that has lost value over the last 12 months. The bitcoin hash rate measuring computational power has risen from 305.81 EH/s to 348.EH/s, as of Jan 6, the last recorded hash rate data. 

Recent cryptocurrency company bankruptcies and rising energy prices have lessened profits for miners as well. Nevertheless, bitcoin’s price is rebounding from a lackluster 2022, hitting a year low of $15,649 on Nov. 9, holding $23,124, a rise of 48% at press time.