Bitcoin (BTC) mining revenue and profitability slided bad in May along with the asset’s price.
May has been one of the worst months for Bitcoin miners in the past year.
Bitcoin daily mining revenue tanked as much as 27% in May, according to data from Blockchain.com.
On May 1, the analytics provider reported daily revenue of $40.57 million for BTC miners, but by the end of the month, it had fallen to $29.37 million.
Daily mining revenue hit an eleven-month low of $22.43 million on May 24.
Daily mining revenue spiked to a peak of around $80 million in April 2021 but has since fallen 62% to current levels.
Mining profitability, which is a measure of daily dollars per terahashes per second, has hit its lowest levels since October 2020.
However, Bitcoin network hash rates remain high with the current daily average at 211.82 exahashes per second.
Experts say high hash rates but low profitability may suggest that there is a far greater level of competition in the Bitcoin mining sector than seen previously.
