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Better Days For Bitcoin Enthusiasts As Mining Revenues Shoot

In the last few days, Bitcoin has seen more profits. This is due to an increase in its network activity since early August when BTC saw a major jump in active addresses and whales trading on it

Bitcoin continues to be one of the most talked-about topics worldwide not just because of how valuable it currently stands at but also because many believe we may see huge profits from investing into such currency soon enough – especially now during what could potentially be seen as a good time period where bitcoin sees increased transactions among users which means there’s demand out there while waiting patiently for institutions like Goldman Sachs.

Bitcoin mining revenues have increased sharply in the last few months as Bitcoin’s network’s power rate reached a high of 112.5 EH/S this past August, compared to only 90 EH/S during July 2021.

The Bitcoin mining hash rate has been steadily increasing, but the latest crackdown in China caused a major drop.

By June and July of this year, it dropped to only 90 EH/s. However, during that time frame, there was an increase of 57% per bitcoin mined compared with those months before which had miners operating at 180EH/s.

After a prolonged struggle to survive, it seems as if the Bitcoin network is finally starting to make strides in recovering from this year’s bear market.

The last two months have seen an increase of around 25% hash-rate while new miners are coming online every day and the rate at which blocks are being mined has increased by 112.5 EH/s!

Bitcoin miner revenue per hash has shot up by 57% as the Great migration continues. The 900 BTC mined every day are distributed between 62.5% of May’s peak power, where there is now an even playing field for all miners to earn money in their own way that they see fit.

Bitcoin Holders

Most Bitcoin holders have had a season of a lifetime, thanks to the latest hike in BTC prices. The price of the world’s largest cryptocurrency has seen an unprecedented surge in recent weeks. The currency jumped from $29,000 to nearly $48,002 after reaching a high point on August 16th.

Glassnode, in a recent analysis report mentions, “As prices rally, a larger portion of the Bitcoin supply returns to profit. This provides us with an opportunity to assess both how many coins were accumulated in particular price ranges and also assess the aggregate market incentive to sell and realize gains. Since the low of $29.7k set in July and the current price of $47.0k, a total of 19.2% of the circulating coin supply has returned to profit. This means that around 3.6M BTC were last spent and thus have an on-chain cost basis in this price range,”

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