Bitcoin miners 50 percent jump in 4 days: a lot of Bitcoin miners has been deactivated these days because of the increasing of the limitations in some countries like china and Chinese regulatory body on mining cryptocurrency. Meanwhile the other miners had a 50% jump in their income because of the hardness reduction.
According to coin-telegraph, the new received data shows that the hardness reduction of Bitcoin’s network was the biggest fall of all its time and this is the reason of miner’s sudden income increasing.
blockchain.com website that observes activities about Blockchain and Bitcoin mining has published some statistics that shows the daily income of the left miners had a 50% growth.
The Bitcoin mining industry has an unstable and exclusive condition and status at the moment. On the one hand Bitcoin’s network hash rate is decreased for now because of Chinese miners getting deactivated and moved and it’s not specified for anyone that how fast can these miners get back to the network. At the other hand, this hash rate drop has made a 50 percent jump for other active miners in 4 days!
With gathering the data related to Bitcoin’s network in the last few weeks in Blockchain.com website, you can see the changes in Bitcoin’s network.
According to this statistic in mining Bitcoin’s daily income in June 2nd, was 20.7 million dollars one day before network’s hardness tuning. But after one day this income has reached to 29.3 million dollars and in Tuesday of this week has reached to 31.9 million dollars.
Glassnode analysis company has called these result “very interesting process” in their weekly video in their newsletters this week with the title of “The Week-On-Chain.
Glassnode has said:
“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.”
Glassnode has also said that:
“Whilst the protocol’s now issuing the same number of coins as it regularly does, having difficulty wound down, we’re now in a situation where half the network has doubled their income and the other half of the network is essentially producing nothing.”
According to stats, the profitability of active miners has returned to a level that every Bitcoin is being traded for 55,000 to 60,000 dollars.
The outcome of this event isn’t only sensible for the miners but Glassnode company has said that the average time for each Bitcoin Block has reached its own highest level I the last few weeks. Bitcoin’s Network Block Time was only this much at the years 2009 and 2010 because of the fact that this cryptocurrency didn’t had an official price for itself.
Other On-Chain standards similarly refer to the duality between different mining groups. In this regard, for example, some standards indicate how some Bitcoin miners are spending their Bitcoins to pay for the relocation of their farms, if they are able to extract in these circumstances new coins and receiving a share of network rewards and commissions are not.
Meanwhile, the rest of the miners are storing more Bitcoins per block than they spend, and this is part of the upward trend in their revenue, while the price of Bitcoin has now dropped by more than 50 percent.
