Modified Bitcoin Algorithm, Miner Bankruptcy and Graphics Card Can Save

After two months of miners shortage, mainly after the release of the new Chinese law, Bitcoin miners have made a lot of money.

Bitcoin's daily revenue was $ 4.3 million, up 10% from last week, according to a report released today by Arcane Research. Exchange rates rose 22%, or $ 118,000 per day. According to YCharts data, this can be attributed to the difference when China announced the new rules, with miners' incomes below US $ 13 million on June 27. Yesterday it was $ 48 million, a difference of $ 35 million.

In a statement released on Monday, Glassnode Insights said, "As the process becomes more difficult due to a major migration, online miners are now seeing a 57% increase in BTC revenue," he said. up to 8.8 BTC / PE per hash. "

In mid-June, following the withdrawal of bitcoin miners from several states, China made it clear that banks should not engage in crypto trading. It is estimated that 90% of Chinese Bitcoin miners research new addresses and receive BTC rewards for the electricity or electricity bills they provide to the grid.

Migration has had a major impact on the health of the blockchain. The hash value (a measure of how much Chinese energy is brought into the grid) has dropped by around 50%, showing that Bitcoin addiction is dependent on Chinese miners.

Will Clemente, chief analyst at mining consultant Blockware Solutions, wrote that more BTC is starting to flow to miners outside of China. He wrote on Twitter that "there is less competition" and "more profitable for the miners who are still running".

Higher BTC revenue / hash is why miners don't sell.

- Will Clemente (@WClementeIII) August 17, 2021

However, this is BTC, not US dollars.

After peaking at $ 63,595 on April 12, Bitcoin fell in May, topping $ 40,000 for most of June and July. Therefore, miners are in no rush to cash bitcoin. Instead, they kept it. As of early July, the net position of Bitcoin miners is now good, indicating that sales are not as good as those of their holders. It also indicates that they believe in the price increase. The value of the token increased by $ 17,000 last month. This is probably due to the drop in prices due to the lack of sales of mining equipment.

Although the price will increase, the difficulty of getting Bitcoin on the network continues to increase. “The hashrate is up about 25% from its two-month low,” Glassnode said. In other words, the same energy now charges less.

Assuming Bitcoin mining moves outside of China next month, competition for giveaways could intensify.