Bitcoin Mining Industry Shows Signs of Recovery

The Bitcoin mining industry is currently going through a historic migration due to the latest crackdown by the Chinese authorities in the region. In June 2021, the mean hash rate dropped by nearly 55% from its peak of May 2021. However, the latest weekly on-chain analysis report published by Glassnode highlights that the Bitcoin mining industry is showing signs of a strong recovery.

According to Glassnode, Bitcoin’s current mean hash rate is now down by 39% from its peak of May 2021. Additionally, Bitcoin Miner Net Position Change (BMNPC) metric has returned to accumulation for the first time in nearly 5 weeks. Last week, Glassnode highlighted that the operational Bitcoin miners saw a jump in profitability despite the recent challenges in the market.

“This week, the Bitcoin hash-rate has recovered from the peak-trough decline of 55% to around a 39% decline. Should this level hold and be representative, it would indicate that hash-power equivalent to around 29% of the affected hash-power has come back online. This could be due to two major reasons. Firstly, miners in China have successfully relocated hardware. Secondly, previously obsolete hardware has been dusted off and found a new lease on life,” Glassnode mentioned in the weekly report.

Suggested articles

EuropeFX Expands its CFD Portfolio with 14 New CryptocurrenciesGo to article >>

Bitcoin Balance on Exchanges

Large Bitcoin wallets moved the world’s largest cryptocurrency from the leading digital exchanges in substantial amounts during the last few weeks. In the first week of July, two crypto wallets transferred a total of 7,062 BTC from digital exchange Coinbase. In the latest report, Glassnode highlighted a jump in outflows from leading cryptocurrency exchanges. “Last on exchanges, the aggregate balance has fallen by around 40k BTC over the past three weeks. This represents approximately 28% of the total inflow of 140k BTC observed since the local low set in April. Exchange balances we track are currently holding 2.56M coins,” Glassnode added.

Large Bitcoin addresses holding between 100 and 10,000 BTC now have more than 9.13 million coins.

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 68,570.37
ethereum
Ethereum (ETH) $ 3,777.28
tether
Tether (USDT) $ 0.999268
bnb
BNB (BNB) $ 595.94
solana
Solana (SOL) $ 168.64
staked-ether
Lido Staked Ether (STETH) $ 3,773.14
usd-coin
USDC (USDC) $ 0.999582
xrp
XRP (XRP) $ 0.521819
dogecoin
Dogecoin (DOGE) $ 0.161133
cardano
Cardano (ADA) $ 0.449518
shiba-inu
Shiba Inu (SHIB) $ 0.000027
the-open-network
Toncoin (TON) $ 6.49
avalanche-2
Avalanche (AVAX) $ 36.62
chainlink
Chainlink (LINK) $ 18.31
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,503.35
tron
TRON (TRX) $ 0.111548
polkadot
Polkadot (DOT) $ 7.07
bitcoin-cash
Bitcoin Cash (BCH) $ 469.25
uniswap
Uniswap (UNI) $ 10.77
near
NEAR Protocol (NEAR) $ 7.46
matic-network
Polygon (MATIC) $ 0.703041
litecoin
Litecoin (LTC) $ 84.30
pepe
Pepe (PEPE) $ 0.000015
fetch-ai
Fetch.ai (FET) $ 2.26
internet-computer
Internet Computer (ICP) $ 12.22
leo-token
LEO Token (LEO) $ 5.96
dai
Dai (DAI) $ 0.999729
wrapped-eeth
Wrapped eETH (WEETH) $ 3,926.96
ethereum-classic
Ethereum Classic (ETC) $ 30.16
aptos
Aptos (APT) $ 9.23
render-token
Render (RNDR) $ 10.31
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,729.43
hedera-hashgraph
Hedera (HBAR) $ 0.101793
dogwifcoin
dogwifhat (WIF) $ 3.48
cosmos
Cosmos Hub (ATOM) $ 8.59
immutable-x
Immutable (IMX) $ 2.23
arbitrum
Arbitrum (ARB) $ 1.14
kaspa
Kaspa (KAS) $ 0.138672
mantle
Mantle (MNT) $ 0.998714
filecoin
Filecoin (FIL) $ 5.82
crypto-com-chain
Cronos (CRO) $ 0.116943
stellar
Stellar (XLM) $ 0.106358
ethena-usde
Ethena USDe (USDE) $ 0.999440
the-graph
The Graph (GRT) $ 0.308073
first-digital-usd
First Digital USD (FDUSD) $ 0.998001
blockstack
Stacks (STX) $ 1.99
arweave
Arweave (AR) $ 43.55
bittensor
Bittensor (TAO) $ 408.97
okb
OKB (OKB) $ 45.42
optimism
Optimism (OP) $ 2.49