Bitcoin, the world’s most valuable digital currency, saw a major jump in its network activity since the start of August. The total number of active BTC addresses and Bitcoin whale activity increased substantially during the mentioned period.
In addition to the latest developments, Bitcoin mining revenues have increased sharply in the last few months as the network’s mining rate reached the high of 112.5 EH/s in August, compared to the low of 90 EH/s in July 2021.
Bitcoin mining hash-rate touched a peak of 180 EH/s in May 2021. But the latest BTC mining crackdown in China caused a major drop of nearly 50% in the hash rate during June and July. During the latest mining migration, Bitcoin mining revenues per hash climbed by approximately 57%.
“Over the course of the last two months, hash-rate has increased by around 25% from the lows, suggesting hash-rate equivalent to around 12.5% of the affected miners have come back online. The network is currently mining at a rate of 112.5 EH/s. Bitcoin miner revenue per hash has climbed by 57%, returning to mid-2020 levels as the Great Migration continues. The typical 900 BTC mined per day are distributed between 62.5% of the peak hash-power seen in May,” Glassnode mentioned in the recent on-chain analysis report.
Due to the latest jump in the price of Bitcoin, a large percentage of BTC holders turned profitable. In terms of price, the world’s largest cryptocurrency jumped from the level of $29,000 on 20 July 2021 to the high of nearly $48,000 on 16 August.
“As prices rally, a larger portion of the Bitcoin supply returns to profit. This provides us with an opportunity to assess both how many coins were accumulated in particular price ranges, and also assess the aggregate market incentive to sell and realize gains. Since the low of $29.7k set in July and the current price of $47.0k, a total of 19.2% 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,” the report added.
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