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Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop


08 Jul 2021

#Bitcoin

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%.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 61.2% 89 $29 830.80 2.19% -0.06% $568 243 367 260 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 88 $1 978.78 0.62% -2.65% $239 264 661 104 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.998948 -0.01% 0% $73 198 034 338 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 58% 85 $332.68 3.46% 10.72% $54 319 345 181 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000136 0.03% 0.01% $53 412 996 775 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.404298 -0.23% -5.30% $19 544 998 936 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.001442 0.19% 0.27% $18 332 749 036 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 92 $0.518095 1.03% -7.86% $17 480 010 174 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 56.8% 92 $49.23 0.27% -10.01% $16 702 932 943 SOL 7 days price change
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11 Polkadot (DOT) DOT Polkadot predictions 59.6% 92 $10.02 1.90% -3.47% $9 896 804 667 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60.4% 89 $29 797.90 2.06% -0.08% $8 224 307 082 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 60.4% 91 $28.68 -0.32% -14.23% $7 766 240 935 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 73.6% 57 $0.081485 5.37% 12.78% $7 711 237 884 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 94.4% 1 $1.000233 0.06% 0.05% $6 576 996 511 DAI 7 days price change

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