Bitcoin
BTC$64 281.02

-0.74%

Ethereum
ETH$3 503.03

-0.11%

Tether
USDT$0.999382

0.01%

Binance Coin
BNB$583.59

-0.50%

Solana
SOL$134.72

1.24%

USD Coin
USDC$0.999969

0%

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%.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 17 $64 281.02 -0.74% -2.87% $1 267 309 855 276 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.6% 22 $3 503.03 -0.11% 0.57% $428 336 932 629 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999382 0.01% -0.01% $112 821 536 179 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.6% 26 $583.59 -0.50% -3.16% $86 118 467 479 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 72% 62 $134.72 1.24% -6.22% $62 241 107 190 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.2% 3 $0.999969 0% 0% $32 729 450 112 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.8% 33 $0.488000 -0.20% 2.68% $27 141 690 253 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 76 $0.124225 -0.04% -8.03% $17 988 814 267 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 69.6% 59 $7.10 -0.48% -12.07% $17 464 050 127 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 72.4% 61 $0.376540 -2.50% -8.29% $13 456 943 133 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 73 $27.28 -1.70% -9.96% $10 740 352 979 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 55.6% 94 $0.000018 -0.57% -11.10% $10 569 562 911 SHIB 7 days price change
13 TRON (TRX) TRX TRON predictions 95.2% 1 $0.118022 1.14% 1.42% $10 296 940 484 TRX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 91.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.