Since the beginning of August, Bitcoin, the world’s most valuable digital currency, has seen a significant increase in network activity. During the specified period, the total number of active BTC addresses and Bitcoin whale activity increased significantly.
Bitcoin mining revenue has increased in recent weeks as the network’s hashrate increased from 90 EH / s in July 2021 to 112.5 EH / s in August. In May 2021, the Bitcoin mining hashrate peaked at 180 EH / s. As a result of China’s recent ban on BTC mining, the hash rate plummeted by about 50% in June and July 2018.
Bitcoin mining revenue per hash increased around 57 percent during the recent mining migration.
#Bitcoin Miners’ revenue per hash has increased 57% and returned to mid-2020 levels as the Great Migration continued.
The typical 900 $ BTC mined per day, are distributed over ~ 62.5% of the peak hash power observed in May
For more analysis, see The Week On-chainhttps: //t.co/jj6CzAnKRV pic.twitter.com/68xHXwcraK
– Glass node (@glassnode) 17th August 2021
The main reason behind the increase in sales
The difficulty of the network, which directly affects the amount of power invested in relation to the number of BTCs received, is the main reason behind the increase in revenue.
Mining difficulties eased due to Chinese mining restrictions, resulting in a rapid increase in mining profitability for pools in the US and Europe.
Currently, the price of BTC is $ 46,849.55, up 1.08%. Additionally, the trading volume of the coin is $ 32,379,410,067 with a market of $ 881,191,788,665. The hash rate and the level of difficulty of the network remain unchanged at 116 million TH / s and 15,500 t respectively.
Miners’ income has steadily declined since Bitcoin’s last halving in May 2020, from 9.5 BTC per unit to 5.6 BTC per unit. The net balance of the mining accounts has increased to +5,000 BTC / month in the past two months. This fact implies a decrease in selling pressure on the price of Bitcoin during the market sell-off.
On July 2, the Bitcoin network had a negative mining difficulty adjustment of 27.94 percent, which was a new high. The difficulty should be reduced by a further 11.23 percent in four days, which makes mining the largest cryptocurrency even easier.