According to data from the blockchain data platform Glassnode, Bitcoin miner revenue has fallen to its lowest level since November 2020.

Data shows that Bitcoin miners currently earn about $13 million per day, which is a drop of 86% compared to the historical peak period in May 2021.

This income level is comparable to the period in November 2020 when the price of Bitcoin broke through $20,000. At that time, Bitcoin miners were also earning around $13 million per day.

The main reason for the decline in Bitcoin miners' income is the sharp fall in Bitcoin prices. Currently, the price of Bitcoin is around 19000, having fallen more than 70% from its historical peak.

In addition, the rise in the Bitcoin network's hash rate has further squeezed the profit margin for miners. Currently, the Bitcoin network's hash rate has surpassed 250 EH/s, setting a new historical high.

In this case, many miners face the risk of losses. According to statistics, the breakeven point for Bitcoin mining is currently between $22,000 and $28,000.

Industry insiders say that if the price of Bitcoin continues to fall, more miners may be forced to shut down or exit the market. This could lead to a decrease in the Bitcoin network's hash rate.

However, some analysts believe that the current sluggish market may lead to a survival of the fittest in the mining industry, which is beneficial for the long-term healthy development of the industry. In the future, with the emergence of favorable factors such as the Bitcoin halving, miner income is expected to rise again.