The suppression of bitcoin miners in China is now emerging as a hidden boon. After two months of release, mining companies are now making big gains from their operations.
The fact is that this incident has forced many miners out of business. So the competition has diminished, and those who are still standing are winning the situation.
Mining revenues rose 10% to $ 4.3 million in revenue, according to the report. The companies also recorded a 22% increase in transaction fees, or $ 118,000 a day.
YCharts data shows that this trend has continued since the acceleration. Revenue on June 27, for example, was $ 13 million. On August 17, however, the total rose to $ 48 million, showing a $ 35 million difference.
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Glassnode Insights shared a report stating that many protocols have been adapted for Migration. And miners are still actively recording higher growth in BTC revenues of 57% to 8.8 BTC / eh.
Pressure in China will benefit miners
Several months ago, many provinces in China turned bitcoin miners away from their territory. The government then ordered the banks to cease cooperation with the miners. After the incident, up to 90% of bitcoin miners began looking for more comfortable places.
This problem greatly affects the blockchain. The Karma rate dropped by 50%, indicating that bitcoin is heavily dependent on Chinese miners.
However, more BTC began to come to inactive miners in China during this period. As a result, competition decreased and profitability increased for the surviving miners.
At the time of writing, BTC aims to trade upwards to overcome the $ 50k hurdle / source: on btcusd TradingView.com
July May, June and July, however, when bitcoin dropped from $ 63,595 on April 12, many miners refused to cash in on their BTC. Instead, they kept holding on to it while they waited for prices to rise.
But
