The BTC mining industry is facing the most significant power migration in its history as Glassnode data suggests operational BTC mining firms are witnessing a spike in their revenues. The report from the on-chain analysis platform also mentioned that around 50% of the Bitcoin miners are offline at present.

Glassnode Report Reveals Operational BTC Mining Firms Witnessing Spike in Revenues

The latest crypto crackdown in China has led to some major mining firms take decisions of shifting their operations to other parts of the world out of China. 

Talking about the hash rate of Bitcoin mining, it spiked in the month of April of the year 2021 when the price of Bitcoin was at its peak and managed to reach the level of $60K as the miners witnessed a daily income of around $60 million during that month.

As mentioned in the data shared by Glassnode, the report said:

“The daily aggregate revenue is now around $25 million to $30 million per day but is shared amongst a smaller pool of miners. Same daily BTC issuance, fewer competitors share the spoils. This implies that following the latest difficulty adjustment, operational miners are incurring the same OPEX expense, but are seeing profitability rise almost 2x, approaching similar profitability levels to back in April.”

Fluctuations Jump in Several Bitcoin Extracting Metrics as a Result of Crypto Crackdown

An increase in the selling pressure by the Chinese Bitcoin miners was witnessed in the month of June as a result of a significant rise in the logistic expenses that are incurred by the extracting firms in resettlement in another country.

Highlighting a notable increase in the fluctuations in different Bitcoin mining metrics, Glassnode data said:

“When a significant proportion of hash-power comes offline, blocks will be mined at a slower pace until the difficulty adjusts downwards. This week, the average block interval on a 24-hr average basis spiked to a short-term high of 1,958s (32.6mins), over 226% longer than the 600s target block-time. This event was only temporary on 28-June, with average block-times since recovering to an average between 800s to 900s,”