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Miners are hoarding Bitcoin from record daily earnings

Miners are back in accumulation mode, with 5,000 BTC added to Bitcoin’s unspent supply since the start of February. Bitcoin miners are stashing away their coins for higher prices, with direct transfers from miners to exchanges plummeting nearly 40% since mid-March. Data from on-chain analytics provider Glassnode shows that miners’ BTC balances have been increasing since late March, following heavy outflows throughout January and consistently reduced selling during February and earlier in March. Glassnode CTO Rafael Schultze-Kraft, notes several metrics pointing to recent miner accumulation — including flows from miner addresses, unspent BTC supply, and miner position net change. Glassnode’s…

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BTC Miners Net Position Turned Positive, Is A New Rally Overdue?

BTC miners net position turned positive after weeks of gut-wrenching volatility with the start of April being kind to Bitcoin as we can see in our latest bitcoin news today. After the record-breaking $6.4 billion options expiry with the BTC price action being less volatile in the past few days. According to the BTC volatility Index with the 30-day volatility dropped from a high of 5.34% to 3.42% at the time of press. The majority of the price level for BTC is consolidating under the all-time high of $61,800 which is a welcome sign after the prices dropped to $51,000…

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Bitcoin Mining Difficulty Sets New Records, BTC Miners Capture $1.5 Billion in Revenue Last Month

On Friday, April 2, 2021, Bitcoin’s mining difficulty is the highest it has even been in its lifetime but bitcoin miners still captured record revenues last month raking in $1.5 billion in coinbase rewards and transaction fees. Today, the blockchain’s hashrate is around 160 exahash per second (EH/s) with 17 pools dedicating hashpower to the network. $1.5 Billion in Bitcoin Rewards and Fees, Difficulty Ramps Up to 23 Trillion With a 5% Increase on the Way The price of bitcoin has been consolidated just under the $60k region and at 10:30 (EST) on April 1st, BTC jumped over the $60k…

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BTC Miners See 11% Drop In Revenue In September: Analysis

BTC miners see an 11% drop in revenue in September alone, generating $328 million according to the data from Coin Metrics that we have today in our bitcoin news. The moderate decrease in revenue came right when Bitcoin started plummeting in September and closed the month down by 8% after previously gaining over 25% in July and August. The revenue estimates assume that miners sold their BTC right away. Network fees brought in about $26 million in September or about 8% of the total revenue which is a drop of 2 percent from the fees comprising 10% of the revenue…

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Bitcoin miners are changing this trend. What to expect next?

Bitcoin mining is a fairly simple activity from a first-principles economics pov. All other activity in the network is complementary and based on this principle and if Bitcoin had no one but its community of miners, it’d still survive. However, mining is misinterpreted by most.  Hashrate influences price or hash follows price. Neither of these […] The post Bitcoin miners are changing this trend. What to expect next? appeared first on AMBCrypto.

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Bitcoin Miner Maker Ebang Narrows First Half Loss To $7 Million, as Covid-19 Hit Demand

Ebang International Holdings Inc., the Chinese maker of bitcoin mining hardware, reported a net loss of $6.96 million during the first six months of this year, down from $19.07 million a year ago, as demand fell due to the coronavirus pandemic. Revenue plunged 51% to $11.04 million from $22.35 million previously, said the company in an earnings release shared with news.Bitcoin.com. For the half-year, the Nasdaq-listed Ebang sold a total 0.25 million terahash per second (TH/s) of Bitcoin hashpower. The figure represents a year-over-year decline of 86% from 1.82 million TH/s sold in the same period in 2019. Shares of…

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Bitcoin: Survived – Yes, but has it recovered?

A perfect week, one that saw the market recover to an extent, came to an abrupt halt when Bitcoin dropped by $350 over the last 24-hours. Riding high on the charts, Bitcoin, trading at a price of $10,575, soon fell down to $10,204 in a matter of just 8 hours. In fact, the aforementioned fall was accompanied by other on-chain developments as well, with Glassnode indicating that miners have started to cash out their profits once again. Source: Twitter As illustrated in the attached chart, Bitcoin miners have been selling a huge volume of BTC over the past week, with…

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Despite the Harsh Economy, Bitcoin Miners Are Doing Rather Well

Here’s an interesting notion. On paper, bitcoin and crypto miners have appeared to be suffering as of late. The industry has fallen into a pit of blackness following the spread of the coronavirus pandemic as it is not considered a “necessary” field the same way restaurants and grocery chains are. Bitcoin Miners Earned a Lot of Money Last Month And yet in August, according to a new report, bitcoin and cryptocurrency miners have allegedly made well over $300 million. Despite the pandemic, despite all the harsh economic conditions that the world is facing right now, miners did rather well for…

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BTC Miners Are Worried About Bitmain’s New Mining Rigs

BTC miners are worried about Bitmain’s power output and efficiency but also because of a possible delay in the mining rigs’ delivery. Following our Bitcoin news today, we are reading more about the miners. Bitmain decided to use 5nm chips in their new machines and this decision was not well received by bitcoin miners. BTC miners are worried that the second-hand options will provide better value in terms of power efficiency. Bitmain has already created an AI subsidiary as an alternative business. Exclusive:Bitmain’s Micree is selling the world’s first 5nm chip mining machine to Chinese miners, which requires advance payment…

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Fees Bonanza: Ethereum Miners Pocket a Record $113 Million From Fees in August

Ethereum miners are making a killing from transaction fees. In August alone, the miners raked in a total of $113 million in profit, up more than 3,660% from the $3 million earned in April, according to the latest data from Glassnode. This is the highest ether miners have earned from transaction fees ever. The previous all-time high of $64 million was reported in January 2018, said the crypto analytics firm. Fees have risen so high that on September 1, ETH miners made a record profit of over $500,000 in just one hour. At the time of writing, it cost about…

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Sichuan’s Blockchain Park: Chengdu Government Officials Welcome Bitcoin Miners

In mid-August officials from the Chinese province of Sichuan approved a number of enterprises that mine bitcoin for legal hydropower consumption in the region. Following the local government of Ya’an city deciding to foster mining, officials from Chengdu recently spoke about welcoming crypto mining at the Hashcon 2020 event as well as bolstering a blockchain industrial park. Government leaders from the province of Sichuan are beginning to be far more friendly toward bitcoin mining than they were two years ago. In 2018, officials called the industry wasteful, but nowadays leaders from Sichuan have been embracing bitcoin miners. In mid-April 2020,…

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Ethereum’s exchange balances are high, but Bitcoin couldn’t care less

On the surface, certain crypto-metrics can either be extremely black or extremely white. However, there are also others that follow a complicated formula, some metrics that leave room for speculation and paint a greyish picture. A recent data chart highlighted a similar dilemma on the cards. Source: Twitter According to Glassnode, on observing the attached chart, it can be seen that since the start of March 2020, Ethereum balances on centralized exchanges have improved by more than 10 percent. In the meantime, Bitcoin’s supply on these exchanges has fallen, with the same down by -9.6 percent over the period, at…

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Official Notice Says Cheap Electricity to End for Inner Mongolian Bitcoin Miners

Regional reports say that officials from Inner Mongolia delineated 21 bitcoin mines, as the region plans to stop subsidized electrical rates for certain data firms. Unless the bitcoin mining facilities pack up and migrate, mining farms may see an electrical price increase by one third. The Chinese newsdesk Weixin revealed that bitcoin mining farms located in Inner Mongolia will no longer be able to access subsidized electricity. A blockchain journalist based in China, Colin Wu, reports that on August 24, the Inner Mongolia Department of Industry and Information Technology issued an electrical policy notice. A rough translation of the notice…

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With Bitcoin’s hash rate falling, what’s keeping miners afloat?

Bitcoin’s price has remained consolidated above $11k for quite a while in August, however, a sudden pump in the market on 17 August did not just push the BTC price above $12k, but its hash rate also marked an ATH. According to a recent report by Arcane Research, the 7-day moving average hash rate of Bitcoin reached a new all-time high of 128.65 exahashes per second. Source: Arcane Research The hash rate along with mining difficulty was an important metric in identifying the state of the BTC network and has been maintained by the miners. Post-halving, it had been difficult…

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Sichuan Officials Continue to Foster the Relationship Between Bitcoin Mining and Hydropower

The province of Sichuan is well known for being one of the largest concentrations of bitcoin miners on earth because electrical costs are extremely cheap in the region. Data shows that miners using hydropower in Sichuan are paying between 0.065-0.075 yuan or $0.01 per kilowatt-hour. According to regional reports, a number of enterprises that mine bitcoin have been approved to leverage hydropower consumption in the province. Last April, news.Bitcoin.com reported on the local government of Ya’an city, in China’s Sichuan province, revealing that it wanted bitcoin miners to leverage the cheap electricity offered by the region’s rich hydropower resources. The…

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Bitcoin and miner capitulation: Was the threat ever real?

Once upon a time, Bitcoin‘s shadow was so overwhelming that many of the market’s altcoins failed to get the attention they deserved. Over the last few months, however, this narrative has steadily changed. While Bitcoin still maintains its superiority as the world’s largest and most-favored digital asset, other altcoins such as Ethereum, Chainlink, and Cardano have risen up the ranks in terms of popularity too. This is especially so in the case of Ethereum, Bitcoin’s closest competitor. Ethereum hogs the majority of the headlines these days since multiple developments are taking place within its ecosystem. With an eventual shift to…

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Miners Sell More BTC As Mining Difficulty Climbs Again: Analysis

Miners sell more BTC as the mining difficulty is getting close to the 17 T zone because their jobs are getting more difficult and they are spending more of their coins so let’s read more in our latest Bitcoin analysis. The BTC miners sell more coins as the difficulty rises. This metric measures how hard it is to compete for mining rewards while it hit 0.59% but that was not enough to push it over the 17 T level, raising it to 16.95 T. This can be considered as an accomplishment as it is not an all-time high but this…

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BTC Miners Enjoyed 7% Revenue Increase In July: Report

The BTC miners enjoyed a 7% increase in revenue in July only, thanks to the higher network fees and increased transaction volume as Bitcoin increased to a new yearly high of $11,400 as we reported in the Bitcoin news earlier. The BTC miners enjoyed a 7% increase or $300 million in revenue in July from $281 million in June which was the first monthly increase in miner revenue since April. The revenue estimates that the miners sold their BTC right away. The fees were also able to generate $25 million in July,  surpassing the previous monthly high of 8.3% fee…

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