BTC mining revenue fell to an 11-month lowest in May.

BTC mining revenue fell to an 11-month lowest in May.

Bitcoin miners had a bad month in May, with revenue and profitability plummeting. However, hash rates remain strong.

As the crypto winter deepens, Bitcoin (BTC) mining revenue and profitability have continued to fall in lockstep with the asset's price. May has been one of the worst months in recent memory for Bitcoin miners, with revenue and profitability continuing to plummet. Bitcoin mining earnings per day fell by as much as 27% in May.

The analytics company recorded daily revenue of $40.57 million for BTC miners on May 1, but it had dropped to $29.37 million by the end of the month. On May 24, daily mining revenue fell to an eleven-month low of $22.43 million.

Daily mining revenue peaked in April 2021 at about $80 million, but has since dropped 62% to current levels.

According to Bitinfocharts, mining profitability, which is measured in daily dollars per terahashes per second, has reached its lowest point since October 2020. Mining profitability for 1 Th/s is presently $0.102 per day, according to the crypto metrics source.

Furthermore, the metric has been down 56 percent since the start of the year and is down more than 75 percent from its 2021 highs of $0.460 per day per Th/s.

However, according to Bitinfocharts, Bitcoin network hash rates remain high, with the current daily average at 211.81 exahashes per second. On May 2, the value was little over 250 Eh/s, which was a 16 percent drop from its all-time high.

High hash rates but poor profitability could indicate that the Bitcoin mining industry is far more competitive than previously thought. Miners have turned off their rigs in previous bear markets as asset prices fell and operations became momentarily unprofitable.