Bitcoin mining revenue per TH / s returns to mid-May levels

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Quick Take Bitcoin’s daily mining revenue per TH / s has returned to $ 0.27, the same level as when bitcoin was around $ 45,000 in mid-May. The global hash rate is unlikely to rebound to its all-time high anytime soon, which means there is less competition between miners who are still online.

Thanks to the record drop in difficulty, Bitcoin mining revenues per terahashes second (TH / s) of computing power returned to the same level when Bitcoin’s price was around $ 45,000 in mid-May.

Block’s data dashboard shows daily mining revenue per TH / s climbed to $ 0.27, after Bitcoin mining difficulty recorded its biggest drop of nearly 28% on July 3 .

Bitinfocharts data has a slightly different estimate of daily mining revenue per TH / s, putting it at around $ 0.30. But it shows a similar trend.

Bitcoin’s record drop in difficulty is a direct result of China’s ordering of power plants to cut off the energy supply to Bitcoin’s mining facilities over the past month. About 90 million TH / s of computing power on the bitcoin network had been offline since mid-May, representing about 50% of the total network hash rate.

But for bitcoin miners who were able to stay online the entire time, that means their daily shares of Bitcoin’s block rewards increased as the difficulty declined.

When China materialized its efforts to crack down on bitcoin mining in early June, The Block explained that the total vacant capacity offered by bitcoin hosting companies outside of China is insufficient to meet all the demands of miners. Chinese bitcoins that will search for hosting locations.

Following shutdown orders in China’s Xinjiang and Sichuan provinces, the second-hand market has been inundated with a growing supply of millions of bitcoin ASIC miners who have been disconnected in recent weeks. The crackdown also affected Ethereum and other crypto miners, who dumped used graphics processing units into second-hand markets.

Therefore, industry experts don’t expect bitcoin’s hash rate to return to its all-time high, around TH 180 million / s, anytime soon, giving current miners more leeway in the process. the coming months.

2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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