The Block’s statistics show that bitcoin miners’ revenue slumped to $9.55 billion in 2022, largely attributed to the downward trend in the cryptocurrency market, including bitcoin’s plunge from over $48,000 to a low of $15,590.

However, 2021 saw a major surge in the miners’ revenue, which rose by 206% to $15 billion due to the drastic growth in the value of bitcoin.

Unfortunately, the record high of $68,789 in November of 2021 dropped by 75.69% by the end of 2022, leading to many miners selling their assets and leaving the market.

Nevertheless, some are still hopeful for a reversal of trend in 2023.