No products in the cart.
Trading Tips
Best trading Tips
Trading Tips
Best trading Tips
Bitcoin miner revenue climbs 57% to return to 2020 levels

A fresh rally for Bitcoin’s price could see miner income recover further
The price of Bitcoin (BTC) has recovered above $46,000 after a brief slide in early trades on Tuesday. The crypto king now trends towards $46,700 and an injection of upside pressure could see BTC rally past $47,000 once again.As that happens, on-chain analytics platform Glassnode has reported that miner revenue on the Bitcoin network has grown by 57% since the crackdown in China sent miners scurrying out of the country.Miner revenues had fallen to new lows as hashrate plummeted throughout May and June, declining by as much as 50%. According to data shared by the platform, miner revenues had dropped from 9.5 BTC per exahash (EH) to 5.6 BTC per exahash (EH) at the peak of the Chinese crackdown on miners in May.While several miners shut down, with the capitulation sinking Bitcoin prices, those that continued to secure the network have seen their income steadily increase.Glassnode also notes that almost half of the miners were affected by the Chinese crackdown, but as they have returned to the network, the hashrate has picked up.From around mid-July, Bitcoin’s hashrate has recovered by about 25%, which means the number of miners to switch on their machines again has jumped 12.5%. The 7-day average chart shows total computational power securing the network today is 117 EH/s, still some way off the peak of 180 EH/s in mid-May.A chart of the Bitcoin hashrate over the past six months. Source: Blockchain.comThe chart below shows the corresponding relationship between the dip in hashrate and the decline in revenue, as well as the uptick in the earnings as the network metric recovered.Chart showing miner revenue per hash. Source: GlassnodeThe increase in revenue has seen miners reduce selling, with total net balances of around 5,000 BTC per month. This is likely to serve as a positive trigger for Bitcoin’s price if miners continue to aim for higher returns.The post Bitcoin miner revenue climbs 57% to return to 2020 levels appeared first on Coin Journal.Get the Best Trading Tips
Get Coupons and Offers from the USA
Archives
- August 2022 (139)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
Recent Posts
- USDC’s blacklist of Tornado dApp shows the danger of centralisation
- TA- STEPN (GMT) Could Be Set For A Major Rally After Bullish Signs
- Telstra Report Unveils Ethereum Devs Remain Strong During Bear Market
- The Bear Market Correction Could Be Over, According To ARK. Reasoning Inside
- Litecoin price forecast as the fear and greed index recovers