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After the ban on mining by the Chinese authorities, revenues from mining the main cryptocurrency on the market increased by $35 million a day.
A new report from analyst firm Arcane Research notes that daily bitcoin mining revenue grew 10%, equivalent to $4.3 million, compared to last week. In parallel, transaction fees increased 22% to $118,000 per day.
According to YCharts. miners' income today shows extremely positive dynamics in comparison with the report for June 27, when after the Chinese "mining repression" the income of cryptocurrency miners rapidly dropped to $13 million. Based on YCharts, the difference in miners' income in one day is more than $35 million - $48 million per day today versus $13 million per day at the end of June.
The Glassnode researchers, in turn, emphasized that after the correction of the difficulty of bitcoin mining, following the “Great Migration,” miners noted an increase in income in bitcoin equivalent by 57% per hash up to 8.8 BTC/EH. At the same time, a year before the Chinese ban in May 2020, the total income of crypto miners fell noticeably from 9.5 BTC/EH to a minimum of 5.6 BTC/EH.
The migration of miners once again highlighted the colossal amount of computing power that was in China, as the overall hash rate fell by more than 50%. However, Glassnode announced a 25% increase in the hash rate over the past two months after the devices of the affected miners returned to the network. The peak hash rate in May 2021 was more than 180 EH/s, after which it dropped to below 70 EH/s at the end of June. At the moment, the total hash rate of bitcoin is 115.86 EH/s.
Most cryptanalysts agreed that after the “exodus” of Chinese miners, most bitcoins began to go “into the pockets” of miners outside the Celestial Empire, which means that there was much less competition in the network and more profit for the facilities still functioning.
Of course, without fluctuations in the rate of the main cryptocurrency, it was also not done. After BTC fell below the $60,000 level, hardly any of the miners were eager to cash out the mined coins. Instead, they accumulated their fortunes, which is why the statistics look so positive over the past three months in terms of the number of bitcoins held in users' wallets.
Consequently, against the background of the growth of BTC by more than $17,000 over the past 30 days, the lack of interest in selling coins from the miners became another factor that did not put pressure on the main crypto asset.
But miners should also take into account that with an increase in the price of bitcoin, the complexity of its production will also increase, adjusting every two weeks, taking into account the total hash rate of the network. Although the positive dynamics of the income of the earners cannot but rejoice, especially after all the worries due to the strict restrictions on the part of the PRC.
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