Bitcoin miners are accumulating Bitcoin (BTC) as the network hash rate continues to recover, according to on-chain analytics provider Glassnode. In its Sept. 20 Week on Chain report, Glassnode stated that miner BTC balances are increasing, with wallets associated with miners having stockpiled 14,000 BTC (worth roughly $600 million) over the past six and a half months. The report also noted that the bull markets of 2020 and 2021 have seen miners hold onto a larger portion of their rewards than in previous market cycles. Miners usually sell BTC to cover their expenses, including electricity bills and hardware. The trend …
China’s stringent crypto regulations meant closing shop for many Chinese businesses within the Bitcoin (BTC) mining ecosystem. The sudden disappearance of Bitcoin miners from the grid has resulted in falling hash rates. The hashing performance, the cumulative computing power of the Bitcoin network, dropped from an all-time high of 180 exahashes per second (EH/s) to 84 EH/s in just 21 days. While the hash rate drop was directly attributable to the drop in the number of Chinese miners, Blockchain.com Explorer data suggests there has been a steady increase in mining difficulty since June 3. Since the drop, the hash rate …
Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions. On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes per second (EH/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts). Kevin Zhang of mining-focused Digital Currency Group subsidiary Foundry also estimated a 20 EH/s drop, noting the seven-day average for Bitcoin’s hashrate was 132.9 EH/s while daily hash rate concurrently tagged 112.9 …
Before the recent halving, many were prophesying a so-called “death spiral” for Bitcoin. This theory hinges on the idea that the halving of the block reward leads to an exodus of miners due to the sudden unprofitability of mining activities. As a result, the network hashrate decreases and the block time increases, meaning that miner revenue further diminishes, pushing more miners off the network. This loop would then allegedly continue until there is no one left to mine Bitcoin (BTC). Bitcoin mining difficulty. Source: Glassnode. On September 20, Bitcoin experienced one of the biggest upward mining difficulty adjustments in its …
Bitcoin (BTC) starts the last week of “Uptober” in a firmly average mood as the trading range to end all trading ranges continues to stick. After a welcome attempt to break out, BTC/USD remains bound to a narrow corridor now in place for weeks. Some of the lowest volatility in history means that Bitcoin has found a temporary function as a "stablecoin" — even some major fiat currencies are currently more volatile. The longer the status quo drags on, however, the more convinced commentators are that a major trend change will enter. This week is as good as any, they …