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Bitcoin Mining Revenue Skyrockets To $33 Million Daily Following China Crackdown

Bitcoin Mining Revenue Skyrockets To $33 Million Daily Following China Crackdown

Asad Gilani
by Asad Gilani
4 years ago
·
Posted in Bitcoin Mining
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The China crackdown on Bitcoin Miners is now proving to be a blessing in disguise. After two months of the issue, surviving mining firms are now minting huge profits from their operations.

The truth is that the incident pushed a lot of miners out of operations. So, the competition reduced, and those still standing are gaining from the situation.

According to the report, the mining revenue has risen by 10%, representing a $4.3 million income. The firms also recorded a 22% increase in transaction fees or $118,000 every day.

A YCharts data reveals that this trend has been ongoing since the crackdown. For instance, the revenue on June 27 was $13 million. However, by August 17, the amount went high to $48 million, showing a difference of $35 million.

Related Reading | E-commerce Giant Alibaba Introduces New NFT Marketplace With Copyright Policies

Glassnode Insights has shared a report stating that many protocols adjusted to the migration. And miners still operating now record a higher BTC income growth of 57% per hash to 8.8BTC/EH.

China’s Crackdown Becomes Favorable For Miners 

A few months back, many provinces in China pushed Bitcoin miners out of their territory. Afterward, the government-mandated banks to stop cooperating with miners too. After the incident, up to 90% of bitcoin miners left to search for more accommodating places.

This issue affected the blockchain a lot. The hash rate dropped by 50% and showed that Bitcoin was very dependent on Chinese miners.

However, during that period, more BTC started going to miners who were not operating in China. As a result, the competition lessened, and profitability increased for the surviving miners.

Bitcoin Mining Revenue Skyrockets To $33 Million Daily Following China Crackdown

At the time of writing, BTC aims to trade upwards looking to break the $50k barrier | Source: BTCUSD on TradingView.com

But when Bitcoin fell in May, June, and July from the $63,595 it was on April 12, many miners refused to cash their BTC out. Instead, they kept stockpiling it, waiting for the price increase.

But from the net position of the mining activities, miners are now selling their BTC. Also, it means that they’re expecting a price increase. Bitcoin has added up to $17,000 in one month. This might mean that the miners’ refrain from selling reduced the downward price pressure.

Will Bitcoin rewards increase?

But even if the price is gaining, getting Bitcoin rewards is now more difficult. This is according to the Glassnode report. In two months, the hash rate has risen to 25%, and as a result, Bitcoin difficulty has also increased.

Related Reading | New Study Reveals Ethereum Gained More Popularity Than Bitcoin In 2021

According to Glassnode, even if miners put the same work as before, they’re not going to make more Bitcoin. Instead, they may get lower rewards.

Featured image from Pixabay, and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Asad Gilani

Asad Gilani

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Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

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