Since the beginning of August, Bitcoin, the world’s most valuable digital currency, has seen a significant increase in network activity. During the time period stated, the total number of active BTC addresses and Bitcoin whale activity rose significantly.
The Dramatic Rise
Aside from the most recent changes, Bitcoin mining earnings have risen dramatically in recent months. The network’s mining rate reaching a peak of 112.5 EH/s in August. Moreover, it rose up from a low of 90 EH/s in July 2021.
In May 2021, the hashrate of bitcoin mining reached a high of 180 EH/s. However, the current BTC mining crackdown in China resulted in a roughly 50% reduction in hash rate. Bitcoin mining income per hash increased by almost 57% during the most recent mining migration.
Report States
Hash-rate has recovered by about 25% from its lows over the previous two months, implying that hash-rate comparable to around 12.5% of the impacted miners has returned online. At the moment, the network is mining at a rate of 112.5 EH/s. As the Great Migration continues, bitcoin miner revenue per hash has risen by 57%, returning to mid-2020 levels. According to Glassnode’s recent on-chain research report, “the usual 900 BTC mined each day are divided across 62.5% of the peak hash-power seen in May.”
Lucrative Holders
Because of the recent increase in the price of Bitcoin, a huge number of BTC holders have become lucrative. The world’s largest cryptocurrency surged from a low of $29,000 on July 20, 2021, to a peak of over $48,000 on August 16, 2021.
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