Cryptocurrency miners are making the same profit despite the market crash. This is the conclusion reached by the analysts of the Glassnode resource. In April, when Bitcoin was trading in the $ 50,000 to $ 60,000 range, the network’s hashrate was at its highest. Then the total profit from mining was $ 50-60 million per day.
Now the daily total income from mining is ~ $ 25-30 million. However, due to the Chinese repression, miners have become smaller, so the participants in the process receive about the same.
“Same daily BTC emissions, fewer competitors sharing profits,” notes Glassnode.
Thus, based on the results of the last difficulty adjustment, miners incur the same operating costs. Nevertheless, profitability has almost doubled, approaching April levels, experts say.
At the same time, miners have sharply reduced their costs even during the migration from China. Almost always, miners invariably spent more coins than they accumulated. Thus, the unspent supply had a structural downtrend, says Glassnode.
However, since mid-2020, the behavior of miners has changed dramatically. The structural downtrend has not only leveled off, but also reversed, analysts say.
The changing macroeconomic landscape may be driven by the fact that miners now have access to significantly more profitable financing options. For example, you don’t have to sell coins to cover costs. You can use crypto loans. Moreover, miners gained access to liquid options and futures markets to hedge their risks.
Earlier, the Chinese authorities launched a full-scale hunt for miners, which provoked migration. The authorities claim that in this way they want to protect the financial system and at the same time reduce carbon emissions.
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