Over the past six months, the income of Bitcoin miners has decreased by more than 30%. In November, their earnings dropped by $270 million compared to October. This decline is associated with the instability of Bitcoin's value, increased competition, and rising electricity prices.

Despite the increase in Bitcoin's value to $38,000, miners' revenues continue to fall. According to Banklesstimes, last month they earned just $615.1 million, which is $300 million less than in January, when the price of Bitcoin was below $20,000.

After peaking at $918.8 million at the beginning of the year, miners' revenues began to gradually decrease. In October, this trend temporarily changed, and miners received the second-largest monthly income of $885 million.

Banklesstimes analyst Alice Litem commented on the situation:

The Banklesstimes report indicates that one of the main reasons for the decline in miners' revenues is the volatility of Bitcoin's price. An earlier report by Galaxy explains this as "a significant increase in the network's hash rate in the first half of the year."

As a reminder, the hash rate reflects the volume of computational power involved per second. A high hash rate means that more energy is required to process transactions and maintain the network's operation.