Bitcoin Miner Revenue Jumps to 6 Month High, Mining Difficulty Records 8th Consecutive Increase of 7.85%

This week again, Bitcoin mining difficulty rose by 7.85% on November 1st, representing the eighth consecutive increase since July 31st.

With this latest spike, Bitcoin’s difficulty has climbed to 20.893 trillion, to June level, and is reaching an all-time high from May at 25 trillion. The difficulty is now up about 53% from the mid-July low of 13.67 trillion, caused by China's mining ban.

Much like the difficulty, the Bitcoin hash rate has risen ever since the late June low of 68 Th/s. On an incline ever since the hash rate is currently at 148.6 Th/s. Early last week, the hash rate jumped to an early May level of 172.7 Th/s just before the 197.6 Th/s peak.

As such, Bitcoin mining profitability has jumped above $0.35/Day per THash/s, going as high as $0.443 in October. During the shutdown of Chinese operators, this profitability dropped to $0.17, a level that was last seen in late December, and hit $0.45 in April when the price of Bitcoin hit $65k for the first time.

As of writing, Bitcoin is trading above $62,000, after recording a 40% uptrend last month but down 7.5% from $67k ATH.

“Support: ~$58k and $52k Resistance: None Double tops are rare in crypto, and with no resistance left, it's hard to find good reasons to be too bearish,” commented trader DonAlt on Bitcoin’s weekly price action.

With this, Bitcoin miners’ monthly revenue surged in October to $1.72 billion, a six-month high the same as April's revenue. But this is more to do with price than fees as in April, transaction fees gathered was $247 million, representing 14.8% of the total revenue, and it has been going down ever since to bottom at 1.35% in August when it started to grow to 1.62% in October at $27.47 million.

Bitcoin miner monthly revenue was still up from $1.31 bln in September and $839 million in June.

But the trend is changing overall, with the number of transactions on the Bitcoin blockchain per day also surging between 200k and 300k. In early January, everyday transactions spiked to 400k and have been declining ever since to drop to 121k in June but are now on an incline.

Akin to all the other metrics, Bitcoin active addresses have increased between 600k-900k and sometimes bursting to hit 1 million. Active addresses hit a new ATH 1.2 million in mid-April before sliding to just under 475k in late June.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide