Bitcoin (BTC) miner revenue jumped after the network saw its biggest-ever difficulty drop, data shows. According to figures from monitoring resource Blockchain.com, daily revenues have surged by over 50%. Bitcoin mining is currently in a unique state of flux — around half of the hashing power is offline as miners relocate from China, and it remains unknown how quickly they will be able to come back online. At the same time, those miners unaffected by the Chinese rout have seen half their competitors disappear overnight, and profitability has gone up as a result. With data now coming in for the past few weeks, the scale of the changes is plain to see. Daily mining revenue was around $20.7 million on Friday, the day before the difficulty adjustment. A day later, it hit $29.3 million, and by Tuesday this week — $31.9 million.
This is all a consequence of a “very interesting dynamic,” analytics firm Glassnode summarized in a video guide to this week’s edition of its newsletter, “The Week On-chain.” “We have a very interesting dynamic where approximately 50% of the hash power is currently offline and incurring a great number of costs due to logistics and just simply not hashing, having hardware that’s not currently working, and the other 50% has essentially seen half their competition drop off the network,” it explained. For active miners, profitability has reverted to around the levels seen when BTC/USD traded at $55,000–$60,000.
Some are spending treasuries due to relocation costs while being unable to mine new coins and receive a share of block rewards and fees. At the same time, others have been holding on to more BTC per block than they are spending — part of an uptrend that continues despite the drop in price, which has also reached over 50%.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
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Bitcoin predictions | 74.4% | 54 | $68 162.88 | 1.29% | 2.42% | $1 344 973 357 845 | ||
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Ethereum predictions | 76.8% | 47 | $3 274.54 | 0.99% | -6.14% | $393 691 858 423 | ||
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Tether predictions | 95.6% | 1 | $1.000152 | 0.03% | -0.03% | $114 346 541 734 | ||
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Solana predictions | 64.4% | 70 | $185.46 | 3.95% | 9.94% | $86 186 508 174 | ||
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Binance Coin predictions | 77.6% | 42 | $587.73 | 2.03% | -0.70% | $85 766 608 554 | ||
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USD Coin predictions | 90.8% | 1 | $1.000037 | 0% | 0.02% | $34 143 589 887 | ||
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XRP predictions | 62.4% | 86 | $0.600180 | 0.16% | 1.41% | $33 586 578 872 | ||
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Dogecoin predictions | 72% | 55 | $0.135374 | 4.80% | 6.83% | $19 667 998 553 | ||
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Toncoin predictions | 83.6% | 31 | $6.73 | 0.11% | -8.06% | $16 947 147 195 | ||
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Cardano predictions | 72.4% | 49 | $0.417243 | 1.33% | -4.43% | $14 980 752 444 | ||
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TRON predictions | 86.4% | 18 | $0.137318 | 0.34% | 2.05% | $11 955 029 826 | ||
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Avalanche predictions | 77.6% | 38 | $28.63 | 2.71% | 1.70% | $11 305 031 034 | ||
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Lido stETH predictions | 93.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 | ||
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SHIBA INU predictions | 84.4% | 30 | $0.000017 | 2.42% | -3.03% | $10 139 614 509 |
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