The BTC mining revenue records $35 million per day volume since the Chinese Crackdown on mining and now the miners will have to time exchanges into dollars and take advantage of rising BTC prices so let’s read more in today’s Bitcoin news.
China cracked down on BTC mining in June and it brought a dip in the network’s hashrate. The remaining miners were having a blast on the decreased competition but now the Bitcoin miners are raking in the big bucks two months after the crackdown on Bitcoin mining in China which took the miners offline. The reports from Arcane Research, show that the daily BTC mining revenue is up 10% or $4.3 million from the week previously. The transaction fees generated are up 22% or $118,000 per day while teh data from yCharts shows that this is a longer trend dating back to the Chinese crackdown with miner revenue bottoming out for the year at $13 million. Yesterday it was set at $48 million at $35 million difference. Glassnode insights reports show:
“As protocol difficulty adjusted in response to the Great Migration. The miners who remained online have now seen their BTC income grow by 57% per hash to around 8.8 BTC/EH.”
Miner revenue (in BTC terms) per hash soared after the great China mining migration.
Less competition = higher profitability for the miners still operating.
As hash slowly begins to come back online, the impulse in BTC/hash is slowly fizzling. pic.twitter.com/7Y1Z0rYdN7
— Will Clemente (@WClementeIII) August 17, 2021
In mid-June, after a few provinces expelled BTC miners, the national government ordered banks in the region to cut off the relationship with the miners. About 90% of the Chinese Bitcoin miners went in search of other places to trade and recieved BTC rewards equal to teh amount of computing power or hashpower which they provide to the network. The migration had major effects on the blockchain’s stealth and the hashrate dropped by 50% putting in perspective how much BTC is reliant on Chinese mining. Will Clemente who is the lead analyst at Blockware Solutions, wrote that more BTC started draining outside of China.
After reaching an ATH of $63,595, BTC dropped in May and spent most of June and July below the $40,000 mark. As a result, miners were not eager to cash out their accumulated BTC but they started stockpiling it. The BTC miner net position was positive since the start of July and indicated that they are not selling as much as they are holding. It also suggests that they think the price is on its way up as the coin increased in value by $17,000 in the past month. The BTC mining revenue records $35 million per day now while BTC’s price is also recovering.
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