Since the beginning of August, Bitcoin, the world’s most valuable digital currency, has seen a significant increase in network activity. During the aforementioned time period, the total number of active BTC addresses and Bitcoin whale activity increased significantly.
In addition to the most recent developments, Bitcoin mining revenues have risen dramatically in recent months, with the network’s mining rate reaching a high of 112.5 EH/s in August, compared to a low of 90 EH/s in July 2021.
In May 2021, the bitcoin mining hash rate reached a high of 180 EH/s. However, the most recent BTC mining crackdown in China resulted in a nearly 50% drop in hash rate during June and July. Bitcoin mining revenues per hash increased by approximately 57% during the most recent mining migration.
“Over the last two months, hash-rate has increased by around 25% from the lows, implying that hash-rate equivalent to around 12.5 percent of the affected miners have returned online.” At the moment, the network is mining at a rate of 112.5 EH/s. As the Great Migration continues, Bitcoin miner revenue per hash has increased by 57%, returning to mid-2020 levels. The average 900 BTC mined per day is distributed among 62.5 percent of the peak hash-power seen in May,” Glassnode stated in a recent on-chain analysis report.
Owners of Bitcoin
Because of the recent increase in the price of Bitcoin, a large percentage of BTC holders became profitable. In terms of price, the world’s largest cryptocurrency increased from $29,000 on 20 July 2021 to nearly $48,000 on 16 August.
“As Bitcoin prices rise, a larger portion of the supply returns to profit. This allows us to assess both how many coins were accumulated in specific price ranges, as well as the aggregate market incentive to sell and realize gains. Between the July low of $29.7k and the current price of $47.0k, 19.2 percent of the circulating coin supply has returned to profit. This means that around 3.6M BTC were last spent, and thus have an on-chain cost basis in this price range,” according to the report.