The revenue decline occurred when BTC went through excessive changes of about 36% in May. However, from March to April, mining revenue increased by 2.5%, beating $1.7 billion.
Furthermore, May 2021 was a challenging month for Bitcoin. The leading digital currency underwent a more than 50% change after touching its record high in April. Following this, BTC miners obtained reduced revenue after the crash and improved regulation concerns.
April 15th had the highest daily BTC mining revenue ($77 million) in the past three months. On the other hand, May 29th had the most profound profits of $26 million.
Analysts Predict BTC Mining Revenue to Fall
Last month, market analysts foretold mining revenue to fall as crypto criticizers centered on BTC’s energy usage.
For example, Elon Musk criticized Bitcoin due to its insane electricity usage, forcing the car manufacturer to exclude BTC transactions. Different countries such as China followed with clampdowns targeting Bitcoin miners.
At the moment, BTC mining revenue looks encouraging, given that the market has seen profitability drop in recent months. Regrettably, the BTC industry might testify to reduced mining profits since the regulators target large-scale crypto miners.
On the other hand, MicroStrategy CEO Michael Saylor hosted a conference with Tesla (NASDAQ: TSLA) CEO Elon Musk and Bitcoin miners in North America to establish a Bitcoin Mining Council. Distinctly, North America is taking the lead to develop a bitcoin mining hub that relies on renewable energy.