A recent study by Arcane Research analysts indicates that bitcoin daily mining revenues were 10% higher. Almost equivalent to $4.3 million last week. At the same time, transaction fees rose by 22% to $118,000 a day.
According to YCharts, miners’ revenue today showed very favorable dynamics compared to the data for 27 June, when the incomes of cryptocurrency miners fell quickly to 13 million dollars. Following the Chinese “mining crackdown.” The difference in miner’s revenue in one day is more than 35 million dollars – 48 million dollars a day now. Compared to 13 million dollars a day at the end of June.
The Glassnode researchers, in turn, pointed out that miners recorded a 57 percent rise in revenue of bitcoin equivalent per hash till 8.8 BTC/EH. After rectifying the difficulties of bitcoin mining during the ‘great migration.’ At the same time, the overall revenue of crypto-miners decreased significantly. One year before the Chinese ban in May 2020, from 9.5 BTC/EH to a minimum of 5.6 BTC/EH.
Less Rivalry on the Network
Once again, miner’s migration underlined the huge quantity of computer power in China. As the total hazard rate decreased by almost 50%. However, during the last two months, Glassnode has reported a 25% rise in the hash rate once the devices of the miners concerned have returned to the network. The highest hash rate in May 2021 was over 180 EH/s. Then at the end of June, it fell to under 70 EH/s. Currently, the overall bitcoin hash rate is 115.86 EH/s.
Most crypto analysts believed that most bitcoins started to flow into the pockets of miners outside the Celestial Empire. Following the “exodus” of Chinese miners. Therefore there was much less rivalry on the network and more profit to still-functioning facilities.
The battle for remuneration may further increase if Bitcoin mining moves beyond China in the months to come.
