{"id":292771,"date":"2021-07-07T12:53:19","date_gmt":"2021-07-07T09:53:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-miner-revenue-jumps-by-50-in-4-days-since-record-difficulty-drop\/"},"modified":"2021-07-07T12:53:19","modified_gmt":"2021-07-07T09:53:19","slug":"bitcoin-miner-revenue-jumps-by-50-in-4-days-since-record-difficulty-drop","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-revenue-jumps-by-50-in-4-days-since-record-difficulty-drop\/","title":{"rendered":"# Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3681453ddba\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3681453ddba\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-revenue-jumps-by-50-in-4-days-since-record-difficulty-drop\/#%E2%80%9CInteresting_dynamic%E2%80%9D_hits_Bitcoin_mining\" >&#8220;Interesting dynamic&#8221; hits Bitcoin mining<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-revenue-jumps-by-50-in-4-days-since-record-difficulty-drop\/#Block_times_see_records\" >Block times see records<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) miner revenue jumped after the network saw its biggest-ever difficulty drop, data shows.\u00a0<\/p>\n<p>According to figures from monitoring resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchain.com\/charts\/miners-revenue\">Blockchain<\/a>, daily revenues have surged by over 50%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CInteresting_dynamic%E2%80%9D_hits_Bitcoin_mining\"><\/span>&#8220;Interesting dynamic&#8221; hits Bitcoin mining<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin mining is currently in a unique state of flux \u2014 around half the hashing power is offline as miners relocate from China, and it remains unknown how quickly they will be able to come back online.<\/p>\n<p>At the same time, those miners unaffected by the Chinese rout have seen half their competitors dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear overnight and profitability has gone up as a result.<\/p>\n<p>With data now coming in for the past few weeks, the scale of the changes is plain to see. Daily mining revenue was around $20.7 million on July 2, the day before the difficulty adjustment. A day later, it hit $29.3 million, and by Tuesday this week $31.9 million.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/2b3ba24a-c687-457c-a642-51b1ba01b21c.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner revenue chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<p>This is all a consequence of a \u201cvery interesting dynamic,\u201d analytics firm Glassnode summarized in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Prw2uo-LM3w\">video guide<\/a> to this week\u2019s edition of its <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-27-2021\/\">The Week On-chain<\/a>.\u201d<\/p>\n<p>\u201cWe 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\u2019s not currently working, and the other 50% has essentially seen half their competition drop off the network,\u201d it explained.<\/p>\n<blockquote><p>\u201cWhilst the protocol\u2019s now issuing the same number of coins as it regularly does, having difficulty wound down, we\u2019re now in a situation where half the network has doubled their income and the other half of the network is essentially producing nothing.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/825cf941-bfcd-45fd-ade3-b70296e193fe.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin mining revenue distribution annotated chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>For active miners, profitability has reverted to around the levels seen when BTC\/USD traded at $55,000-$60,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Block_times_see_records\"><\/span>Block times see records<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The result has been felt not just by miners. Average block times hit their highest ever over the past week, Glassnode added, beaten only during Bitcoin\u2019s \u201cbootstrapping\u201d period in 2009-2010, before the cryptocurrency even had a solid price in USD.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/a9f4e243-92f1-4326-9870-83d848a49e33.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin mean block interval annotated chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Other on-chain metrics likewise record the dichotomy between different groups of miners. <\/p>\n<p><strong><em>Related:\u00a0An even bigger mining difficulty drop? 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>These show, among other things, how some are spending treasuries due to relocation costs while being unable to mine new coins and receive a share of block rewards and fees. <\/p>\n<p>At the same time, others have been holding on to more BTC per block than they are spending \u2014 part of an uptrend which continues despite the drop in price which has also reached over 50%.<\/p>\n<p>\u201cThis is certainly one to watch,\u201d Glassnode advised.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miner-revenue-jumps-by-50-in-4-days-since-record-difficulty-drop\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop &#8221; Bitcoin (BTC) miner revenue jumped after the network saw its biggest-ever difficulty drop, data shows.\u00a0 According to figures from monitoring resource Blockchain, daily revenues have surged by over 50%. &#8220;Interesting dynamic&#8221; hits Bitcoin mining Bitcoin mining is currently in a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":292772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvZDNkNDY5NWUtN2RkZS00NGEyLTg2MWYtNzUwYWFjZjJhNzczLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,75042,73785],"class_list":["post-292771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-mining","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/292771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=292771"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/292771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/292772"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=292771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=292771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=292771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}