Bitcoin miners experience 80% drop in revenue in recent times
Block mining on the Bitcoin network has never been slower. According to data from Glassnode, on Sunday (27), there was an average delay of 23.3 minutes to mine a block of BTC. This is the longest interval recorded since the early days of cryptocurrency.
2/ In fact, only 58 #Bitcoin blocks were mined throughout the entire day – which represents a drop of 60% from the baseline of 144 / day.
— glassnode (@glassnode) June 28, 2021
In addition, Bitcoin miners’ daily revenue dropped 80%. In May, they earned $70 million in one day, but on June 27 that amount had dropped to $12.8 million.
Falling revenues and the speed of mining are some of the adverse results of China’s crackdown on activity. As we reported earlier this month, several provinces had to stop Bitcoin mining after new restrictions by Chinese authorities.
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The immediate consequence of the shutdown of machines was the drop in the hash rate. That is, the processing capacity in the Bitcoin blockchain.
Also on Sunday, the hash rate dropped to less than 65 Ehash/s. This is the lowest level recorded since November 2019, according to data from BitInfoCharts. Considering the top of 171 Ehash/s reached in May, this is a drop of over 60%.