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 | |
1 | BTC | Bitcoin predictions | 74.8% | 41 | $69 282.05 | -0.31% | 3.36% | $1 370 184 537 016 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 85.6% | 26 | $2 490.79 | -0.85% | 0.45% | $299 917 720 518 | ||
3 | USDT | Tether predictions | 90.8% | 1 | $0.999729 | 0.03% | 0.10% | $120 543 601 366 | ||
4 | BNB | Binance Coin predictions | 93.6% | 4 | $568.12 | -0.79% | -2.54% | $81 865 642 407 | ||
5 | SOL | Solana predictions | 65.6% | 68 | $166.02 | -0.15% | -2.72% | $78 164 737 381 | ||
6 | USDC | USD Coin predictions | 91.6% | 1 | $1.000028 | 0.01% | 0.02% | $34 873 587 642 | ||
7 | XRP | XRP predictions | 94% | 5 | $0.509771 | -0.61% | -0.59% | $28 990 019 970 | ||
8 | DOGE | Dogecoin predictions | 58% | 84 | $0.159276 | 0.02% | 15.96% | $23 354 628 694 | ||
9 | TRX | TRON predictions | 93.2% | 4 | $0.166042 | -0.76% | 0.66% | $14 354 929 269 | ||
10 | TON | Toncoin predictions | 88.4% | 10 | $4.87 | -0.48% | -1.08% | $12 387 960 941 | ||
11 | ADA | Cardano predictions | 94% | 7 | $0.347596 | -2.61% | 4.30% | $12 164 137 154 | ||
12 | SHIB | SHIBA INU predictions | 82.4% | 31 | $0.000017 | -0.99% | 2.41% | $10 263 960 079 | ||
13 | STETH | Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | WTRX | Wrapped TRON predictions | 95.2% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 | ||
15 | WBTC | Wrapped Bitcoin predictions | 94% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 |
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