As the cryptocurrency market continues to tumble, with bitcoin falling below $28,000 and ethereum below $1,500, miners are starting to struggle. The data shows that in the past 8 months, the average daily total income of Bitcoin miners has dropped by more than 60%, and since the beginning of this year, the average daily total income of Ethereum miners has dropped by nearly 60%. (Recap:It’s about to lose money! Bitcoin price is approaching the “shutdown currency price” of many mining machines: Ant S11, Whatsminer M10…) (event background:Asus Xu Xianyue: Demand for cryptocurrency mining GPUs is drying up, and it will take some time for prices to normalize)
Statistics from Ycharts show that the current average daily total income of Bitcoin miners is $28.15 million, a slight increase from $26.57 million the previous week, but a drop of more than $40.53 million on May 1. Compared with the peak of 74.42 million US dollars reached on October 25 last year, the decline has exceeded 62%.
Due to the unsatisfactory income of miners, the computing power level of the entire Bitcoin network has also been affected. According to Ycharts data, the current computing power of Bitcoin is 231.83M TH/s, compared with the historical high of 266.41M TH/s set on June 8. Points, a drop of 12.98%.
According to “TheCoinRepublic”, the decline in the computing power of the entire Bitcoin network is likely to be related to the decline in the mining revenue of miners. While some miners may choose to use their Bitcoin holdings to prop up their mining activities, others may find themselves unfit to keep up, so they shut down their mining rigs and withdraw from the market.
Further reading:Asus Xu Xianyue: Demand for cryptocurrency mining GPUs is drying up, and it will take some time for prices to normalize
Further reading:Jack Dorsey, Michael Saylor, Fidelity and others jointly sent a letter to the U.S. Environmental Protection Agency to refute the environmental harm of Bitcoin mining
The average daily income of ether miners has dropped nearly 60% from the beginning of the year
Ethereum miners, on the other hand, are just as bad. According to The Block data, the average daily mining income of Ethereum miners is currently US$24.36 million, a drop of 81% compared to the record high of US$130 million set in May last year. Compared with the US dollar, the decline is still as high as 58%.
At the same time, the profitability of Ethereum mining has shown a significant downward trend. According to the latest data from Bitinfochart, the profitability of Ethereum mining is currently an average daily profit of $0.0179 per 1 MHash/s, a drop of 69.03% compared to the average daily profit of $0.0578 at the beginning of this year.
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