Bitcoin miner revenue climbs 57% to return to 2020 levels

2021-8-17 14:50

A fresh rally for Bitcoin's price could see miner income recover further

The price of Bitcoin (BTC) has recovered above $46,000 after a brief slide in early trades on Tuesday. The crypto king now trends towards $46,700 and an injection of upside pressure could see BTC rally past $47,000 once again.

As that happens, on-chain analytics platform Glassnode has reported that miner revenue on the Bitcoin network has grown by 57% since the crackdown in China sent miners scurrying out of the country.

Miner revenues had fallen to new lows as hashrate plummeted throughout May and June, declining by as much as 50%. According to data shared by the platform, miner revenues had dropped from 9.5 BTC per exahash (EH) to 5.6 BTC per exahash (EH) at the peak of the Chinese crackdown on miners in May.

While several miners shut down, with the capitulation sinking Bitcoin prices, those that continued to secure the network have seen their income steadily increase.

Glassnode also notes that almost half of the miners were affected by the Chinese crackdown, but as they have returned to the network, the hashrate has picked up.

From around mid-July, Bitcoin's hashrate has recovered by about 25%, which means the number of miners to switch on their machines again has jumped 12.5%. The 7-day average chart shows total computational power securing the network today is 117 EH/s, still some way off the peak of 180 EH/s in mid-May.

A chart of the Bitcoin hashrate over the past six months. Source: Blockchain.com

The chart below shows the corresponding relationship between the dip in hashrate and the decline in revenue, as well as the uptick in the earnings as the network metric recovered.  

Chart showing miner revenue per hash. Source: Glassnode

The increase in revenue has seen miners reduce selling, with total net balances of around 5,000 BTC per month. This is likely to serve as a positive trigger for Bitcoin's price if miners continue to aim for higher returns.

The post Bitcoin miner revenue climbs 57% to return to 2020 levels appeared first on Coin Journal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 65421.45 (+0.50%)
Объем 24H $32.827b
Изменеия 24h: -0.83 %, 7d: 4.49 %
Cегодня L: $65262.74 - H: $65421.45
Капитализация $1288.529b Rank 1
Цена в час новости $ 45600.85 (43.47%)

bitcoin miner levels 2020 price return revenue

Источник: coinjournal.net

bitcoin miner → Результатов: 126


Фото:

Bitcoin Miner Revenue From Fees Explodes: What’s Driving This?

On-chain data shows the Bitcoin miner revenue percentage from the fees has exploded recently. Here’s what’s behind this sharp growth. Bitcoin Runes Have Caused A Sudden Shake-Up In Miner Revenues A couple of days ago, the much-anticipated fourth Halving, a periodic event taking place roughly every four years where block rewards that miners receive for […]

2024-4-23 19:00


Solo Bitcoin Miner Snags $200,000 Block Reward, How Did They Do It?

A solo Bitcoin miner has struck gold after successfully claiming a $200,000 block reward. The considerable achievement has captured the attention of fellow miners and crypto enthusiasts, highlighting the potential for lone miners to effectively compete with larger mining operations  Lone Bitcoin Miner Hits Jackpot On October 28, a software engineer of Bitcoin CGMiner and an admin of Solo Ckpool, Dr.

2023-10-31 22:00


Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market?

On-chain data shows the Bitcoin miner selling power is at its lowest for the year, something that could be favorable for the price of the crypto. Bitcoin Miner Selling Power Has Been Going Down In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the metric has observed surges in its value a few times this year, and each time the BTC price has gone down.

2022-11-2 22:00


Фото:

Research Attempts to Unravel Claims of Satoshi Nakamoto Owning a Million Bitcoin

On August 20, 2018, Bitcoin Mercantile Exchange (BitMEX) published research on a quintessential question bounced around since Bitcoin’s introduction in 2009: Does Satoshi Nakamoto own a million bitcoins? A Million or not a Million BitMEX based its study on Sergio Demian Lerner’s 2013 analysis, where the developer uncovered mined Bitcoin blocks can be traced back to their miner, proving the.

2018-8-21 20:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Geoffrey Morphy’s $27M lawsuit leads to Bitfarms ouster

In a dramatic turn of events, Bitfarms has terminated Morphy as CEO and president of the mining firm following the filing of a lawsuit against the company. Morphy’s filed a lawsuit against Bitfarms seeking a staggering $27 million in damages, prompting Bitfarms to terminate his role despite prior announcement of plans to have him remain […]