No products in the cart.
bitcoin The mining industry has been hit hard in 2022. Massive price corrections, inflation and other factors have caused many miners to leave the Bitcoin network. why? Well, mostly for purpose.
Many are now expressing concerns about the profitability of this industry. But where are the answers?
oh some relief
bitcoin miner It will generate more than $15 billion in revenue in 2021, according to The Block’s Research. This represents a 206% year-over-year increase, which is staggering to say the least. but, 2022 has not been kindThat said, struggling miners may have something to look forward to given the (slow) market recovery.
Bitcoin mining difficulty has been adjusted for some time.with hash rate Declining as more miners go offline due to declining profitability, mining difficulty It follows almost the same trend.
You can check the fall difficulty (27.69 T when pressed) in the graph below.
Source: explorer.btc.com
But what’s different this time? First of all, the aforementioned decline coincided with an overall market recovery. At the time of writing, the price of Bitcoin remained above $23.7 thousand. That is, more cash flow for each Bitcoin mined for each his BTC miner. Certainly a sign of some relief.
Similarly, a rise in miner BTC balances could paint a pretty promising scenario, which is exactly the case here. Despite the current cryptocurrency turmoil, BTC miner balances hit a four-year high.
The Glassnode graph attached here also seems to support this statement.
Source: Glassnode
In total, the companies that mined the first cryptocurrency own 1,845,303 BTC, which is about 9.6% of the current BTC supply.
sunny + rain
While these developments predict a steady rise, miners are not yet completely out of the woods. In fact, at the time of writing this article, the miner’s total revenue continues to go downhill.
Source: Glassnode
Nevertheless, if Bitcoin continues to recover and the difficulty drops, miners may remain active until the next bull market appears. Until then, BTC holders will need to show support, despite everything, as they still do.
where the number of wallets with a balance of 10,000 BTC or more is gain Significantly since the beginning of the month.
