Bitcoin Mining Revenues Fall Over 20% In May – June 2

๐Ÿ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:ย $30,331

Bitcoin price is still hovering around the $30,000 level Thursday, following a brief test of support in the mid $29,000s yesterday.

Top-20 altcoins are a mixed bag over the last 24 hours of price action, as Ethereum falls 1%, BNB gains 1% and Cardano rises 4%.

Top Stories for June 2, 2022 ๐Ÿ”ฅ

๐Ÿ‘‰ Bitcoin Mining Revenues Fall Over 20% In May

Bitcoin mining revenues have fallen a significant 21.6% during the month of May, according to The Block Research. Total revenue gathered by miners in May reached $906.2 million, with only $16.18 million coming from transaction fees.

The total figure represents a 47% drop from October 2021, with miner revenues consistently falling since that peak. Ethereum miners posted 1.08 times more revenue than those in the Bitcoin network last month.

๐Ÿ‘‰ Anti-Crypto Lobbyist Letter Receives Backlash From Crypto Community

An anti-crypto letter sent to US lawmakers has received backlash from the cryptocurrency community, who largely disagreed with the arguments made by the authors.

The letter was signed by 26 tech personalities, labelled as “experts,” who described crypto assets as โ€œrisky, flawed and unproven digital financial instruments” โ€“ urging regulators to create harsher regulations for the sector.

๐Ÿ‘‰ Gemini Exchange Gemini To Lay Off 10% Of Staff Amidst Market Downturn

Winklevoss-owned cryptocurrency exchange and custodian Gemini has stated that it will be laying off around 10% of employees, due to turbulent market conditions.

The company sees the current market conditions persisting for “some time,” being compounded by the current macroeconomic and geopolitical landscape. Coinbase also slowed down its hiring process last month.