Since the record difficulty dropped, Bitcoin miners’ income has increased by 50% in 4 days

Bitcoin (Bitcoin) Data shows that after the biggest difficulty decline in the history of the network, the income of miners soared.

According to the data of monitoring resources Blockchain, Daily income surged by more than 50%.

“Interesting Dynamics” Impact Bitcoin Mining

Bitcoin mining is currently in Unique flux state -With miners moving out of China, about half of the computing power is offline, and it is not clear how quickly they can get back online.

At the same time, those miners who were not affected by China’s rout have lost half of their competitors overnight, and their profitability has risen as a result.

With the continuous influx of data over the past few weeks, the scale of the change is obvious. On July 2, the day before the difficulty adjustment, the daily mining revenue was approximately US$20.7 million. One day later, it reached $29.3 million and reached $31.9 million on Tuesday this week.

Bitcoin miner income chart.Source: Blockchain

These are the results of “very interesting dynamics,” the analysis company Glassnode concluded in a report. Video guide In this week’s newsletter, “Chain last week. “

“We have a very interesting dynamic. About 50% of the hashing power is currently offline, and a lot of costs are incurred due to logistics. It just doesn’t hash and has hardware that is currently not working. The other 50% have basically seen it. Half of their competition disappeared from the Internet,” it explained.

“Although the number of coins issued by the agreement is the same as usual, it is difficult to reduce, but we are now in a situation where half of the network revenue has doubled, and the other half of the network basically does not produce anything.”

Annotated graph of Bitcoin mining revenue distribution. Source: Glassnode

For active miners, profitability has returned to the level when the BTC/USD transaction price was 55,000-60,000 USD.

See the record for the number of blocking

Not only the miners felt the results. Glassnode added that the average block time in the past week hit a record high and was only defeated during the “lead” period of Bitcoin from 2009 to 2010, when the cryptocurrency was not even priced in US dollars.

Annotated chart of Bitcoin average block interval. Source: Glassnode

Other indicators on the chain also record the dichotomy between different groups of miners.

related: The greater the difficulty of mining?5 things to watch for Bitcoin this week

These show, among other things, how some people spend their national debt Relocation costs At the same time, it is impossible to mine new coins and get the share of block rewards and fees.

At the same time, other people have been holding more bitcoins than they have spent-although the price has fallen by more than 50%, the upward trend continues.

“It’s certainly worth seeing,” Glassnode suggested.