With The Network’s Activity Rising, Bitcoin Miners Earning 57% More Revenue
Since the beginning of August, Bitcoin, the world’s most valuable digital currency, has seen a significant increase in network activity. During the time period specified, the total number of active BTC addresses and Bitcoin whale activity surged significantly.
Bitcoin mining income have soared in the recent few weeks as the network’s hashrate soared from 90 EH/s in July 2021 to 112.5 EH/s in August. In May 2021, the hashrate of bitcoin mining reached a high of 180 EH/s. As a result of China’s most recent ban on BTC mining, the hash rate plummeted by approximately 50% in June and July of 2018.
Bitcoin mining earnings per hash increased by around 57 percent during the most recent mining migration.
#Bitcoin miner revenue per hash has climbed by 57%, returning to mid-2020 levels as the Great Migration continues.
The typical 900 $BTC mined per day are distributed between ~62.5% of the peak hash-power seen in May
See more analysis in The Week On-chainhttps://t.co/jj6CzAnKRV pic.twitter.com/68xHXwcraK
— glassnode (@glassnode) August 17, 2021
The Main Reason of Revenue Increase
The difficulty of the network, which has a direct impact on the amount of invested power in relation to the number of received BTCs, is the main reason for the increase in revenue.
Mining difficulty decreased as a result of Chinese mining restrictions, resulting in a quick surge in mining profitability for pools in the United States and Europe.
Currently, the price of BTC is $46,849.55 with the change of 1.08%. Furthermore, coin’s trading volume is $32,379,410,067 with the market of $881,191,788,665. The network’s hashrate and difficulty remain unchanged at 116 million TH/s and 15,500t, respectively.
Miners’ income has been steadily dropping since the latest halving of Bitcoin in May 2020, from 9.5 BTC per EH to 5.6 BTC per EH. The net balance position of mining accounts has climbed to +5,000 BTC/month in the last two months. This fact implies a decrease in selling pressure on Bitcoin’s price during market selloffs.
On July 2, the Bitcoin network had a 27.94 percent negative mining difficulty adjustment, which was a new high. The difficulty is predicted to reduce by another 11.23 percent in four days, making mining the largest cryptocurrency even easier.
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