Current income from mining the cryptocurrency is 275% higher than before the halving that took place on the asset’s network last May
Current income from mining the cryptocurrency is 275% higher than before the halving that took place on the asset’s network last May
Bitcoin miners’ profits have once again reached $40 million a day, according to research firm Glassnode. In April of this year, mining profitability set an all-time high of $60 million per day. This happened against the backdrop of the first cryptocurrency reaching record price points near $65 thousand.
After that, the profitability of mining the first cryptocurrency fell sharply against the backdrop of rollback of quotations and the ban on mining in China. In the summer, the value dropped to $20 million per day, or 67% from the highs.
At the same time, the income of miners increased by 630% (from $6-8 million) compared to the indicators after the halving. Halving took place in the Bitcoin network in May 2020, when the reward for mining a block was halved, from 12.5 to 6.25 BTC.
At the end of September it became known that one of the largest manufacturers of mining equipment Bitmain will stop selling miners in China. Also it will transfer production to other countries due to the restrictions imposed by the authorities on cryptocurrencies.
Earlier, the People’s Bank of China imposed a complete ban on cryptocurrency transactions. The use of digital assets in the country now equates to illegal financial activity. After that, Chinese online commerce giant Alibaba notified that it would stop selling cryptocurrency mining equipment from October 8.
