Bitcoin miner revenues soar again

According to information Bitcoin

After the network saw its biggest difficulty drop ever, revenue for BTC miners increased. According to the data we have obtained, the daily revenues of Bitcoin miners have climbed by over 50%.

Bitcoin mining is currently facing a unique picture. Since the miners moved out of China, about half of the hash power has been dormant, and it is unknown when they will become active. At the same time, the miners, who were not affected by the Chinese decisions, announced that their competitors disappeared overnight and they made a profit as a result.

According to data from the past few weeks, daily mining revenue was around $20.7 million the day before the difficulty adjustment. That number rose to $29.3 million a day later and to $31.9 million on June 6, 2021.

It seems that around 50% of the hash power is currently offline. In other words, miners working with the prestige of the moment also receive the income of offline miners.

Block times set a record

This situation did not only affect the miners. Glassnode announced that average block times have reached their highest level ever.

Other blockchain analytics providers are also seeing the split between different miner clusters exactly.

As it is known, it took 129 minutes to create a block on the BTC network on July 1, 2021. This has entered the record books as the longest blocking time since 2011. As you can imagine, the fact that some miners go offline seems to be the element that ignites this situation.

This article was originally published on Muhabbit

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