Bitcoin
BTC$16 214.11

-2.13%

Ethereum
ETH$1 173.09

-3.68%

Tether
USDT$0.999652

0.01%

Binance Coin
BNB$295.36

-5.89%

USD Coin
USDC$1.000133

0%

Binance USD
BUSD$1.000432

0.05%

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

Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One
The bogged-down crypto market
The bogged-down crypto market
Bitcoin's extremely low volatility
Bitcoin's extremely low volatility

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 56.8% 88 $16 214.11 -2.13% 1.16% $311 614 263 633 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 85 $1 173.09 -3.68% 4.41% $143 555 103 439 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999652 0.01% 0.09% $65 339 950 174 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68% 66 $295.36 -5.89% 14.59% $47 249 279 709 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000133 0% 0% $44 306 782 850 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000432 0.05% -0.07% $22 411 208 216 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 75 $0.383127 -4.51% 8.98% $19 270 803 660 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 59.6% 90 $0.095272 -2.20% 25.28% $12 639 864 763 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 61.2% 81 $0.306279 -3.57% 0.59% $10 546 382 458 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 68.4% 68 $0.822110 -4.08% 2.56% $7 180 572 486 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66% 72 $5.17 -4.71% -0.87% $5 890 126 421 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 94.8% 1 $1.000012 0.01% -0.02% $5 658 040 659 DAI 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 60.8% 79 $0.052681 -0.98% 5.20% $5 356 385 320 WTRX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 66% 70 $71.96 -6.30% 18.17% $5 160 456 948 LTC 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.

© 2015-2022 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.