According to on-chain analytics platform, Glassnode, miners on the Bitcoin network have seen their revenue grow by an impressive 57% since China began its mining crackdown.
In May and June, Bitcoin hash rates plunged, further pushing miners’ revenues down. Reports show that in the middle of the May crackdown, revenues crashed to 5.6 BTC per exahash from 9.5 BTC per exahash.
China shut down mining operations in the country, cracking down on its crypto industry. This caused many miners to not just discontinue their operations but also leave the country.
The Qinghai Industry and Information Technology Department issued a directive to authorities, stating that they must not approve any new crypto mining projects. The document also specifically asked provincial authorities to investigate big data farms that mine Bitcoin and punish erring companies.
Since mid-July, the hash rate on the Bitcoin network climbed by about 25%, suggesting that the number of miners who have resumed related activities climbed by 12.5%. Although much lower than the 180 EH/s obtainable in mid-May, the network’s computational power is currently at 117 EH/s. according to Blockchain.com data.
CoinMarketCap data shows that Bitcoin’s price is trading close to $46,000, with a nearly 2% increase in the last 7 days.
Image Credits: Pixabay
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