Bitcoin
A$ 81,078
WINkLink
A$ 0.0008468
Ethereum
A$ 5,619.4

Slowest Block Production in BTC’s History as Miners’ Revenue Plummets 80% in a Month

The lower number of miners on the Bitcoin network has caused severe disruptions as the rate of newly-produced coins have dropped to just 58 new ones created in a day, says on-chain data. Furthermore, miners’ revenue has plummeted in the last month, while all eyes are on the upcoming difficulty adjustment.

The Disruptions on the BTC Network

CryptoPotato reported yesterday that the Bitcoin hash rate – the metric displaying the amount of computational work miners put on the blockchain – has decreased by 40% in a month and 60% in six weeks. However, this is only one of the adverse effects after China intensified its crackdown and went after miners.

Data from Glassnode shows the rest of the story, starting with the block production. When it’s in a healthy state, a new bitcoin block is mined on average for ten minutes. Yesterday, though, the average number was over 23 minutes. This was the longest time needed for a new block to be mined in over ten years.

Bitcoin Mean Block Interval. Source: Glassnode

Somewhat expectedly, this delay reduced the total number of mined coins throughout the entire day. Instead of the baseline of 144 new bitcoins per day, yesterday saw only 58 new tokens, which represents a massive drop of 60%.

The number of Bitcoin Blocks Mined. Source: Glassnode

Miners’ Wallet Hurt; Network Activity Dumps

Glassnode further asserted that the average daily revenue that BTC miners receive had experienced a significant reduction as well. It was at all-time high levels in April and in May when the asset’s price had peaked above $60,000. At the time, the daily miner revenue was about $70 million.

Now, though, the declining BTC price and the delay of newly-created coins have brought it down to around $13 million.

According to the analytics resource, this “amounts to the same revenue miners were earning in early November when the price of BTC was at around $13,000 per bitcoin.”

Bitcoin Total Miners’ Revenue. Source: Glassnode

The number of daily active addresses, which has been previously linked to the price, has also fallen sharply lately. In fact, it has declined to levels “not seen since early 2019,” after peaking when BTC topped $60,000 a few months back.

Bitcoin Daily Active Addresses. Source: Glassnode

Largest Negative Difficulty Adjustment

With all of the adverse effects explained above, the BTC community looks at the next difficulty adjustment as the first line of defense. The feature, which makes it either easier or harder for miners to do their job, is expected to go through its largest negative adjustment in history.

According to on-chain data, the mining difficulty should decrease by over 23% this Friday. It will ease the pain for the network while the miners proceed with relocating from China, where they are no longer welcome, to other countries like the US and Kazahkstan.

Bitcoin Hashrate vs. Mining Difficulty. Source: Glassnode

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Donate To Cryptonic Australia


Donate BTC: 1MPYuHUKm3AhNivMSngqLnoEbpNEecHeEK
Donate Doge: DDYybw7H8zx8EYU74JrGW8WwmYh9AGuyMC
Donate WinK: TDiXutqKE3P17LpZMQh3SDBCGSkAC6iEjB




Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy
October 27, 2021
Why Bitcoin May Right Decrease Under $60K In Close to-Time period
October 27, 2021
Crypto Exchange FTX Buys Ad for the Super Bowl
October 27, 2021




Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy
October 27, 2021
Why Bitcoin May Right Decrease Under $60K In Close to-Time period
October 27, 2021
Crypto Exchange FTX Buys Ad for the Super Bowl
October 27, 2021


CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin81,078 0.43 % 3.38 % 5.47 %
Ethereum5,619.4 0.83 % 0.44 % 8.81 %
Binance Coin644.78 0.55 % 0.82 % 0.73 %
Tether1.330 0.20 % 0.38 % 0.20 %
Cardano2.860 0.26 % 1.67 % 1.79 %
Solana271.20 0.93 % 2.66 % 30.44 %
XRP1.480 0.10 % 0.65 % 1.72 %
Polkadot59.82 0.47 % 1.67 % 8.61 %
Dogecoin0.3450 0.38 % 2.40 % 5.24 %
USD Coin1.330 0.21 % 0.38 % 0.13 %

Recent Comments

Allison wick

I was a victim of WDC Markets investment scam some months ago myself. It was...

Greatness

he is the best when it comes to recovery, he helped recover my funds without...

URL

... [Trackback] [...] There you will find 63491 more Infos: cryptonic.com.au/evaluation-suggests-bitcoin-robust-palms-are-shopping-for-this-dip/ [...]