cryptonews.com
The mining difficulty of Bitcoin is adjusted around every two weeks (or more precisely, every 2016 blocks) to maintain the normal 10-minute block time. The 7-day moving average block time on March 29 was 9.54 minutes.
According to ByteTree data, in the past week, miners have held more of their newly generated BTC, compared to what they’ve spent, while in the weeks prior, it was the opposite.
At 14:50 UTC, BTC was trading at USD 47,151. It was down 1% in a day and up 11% in a week.
Meanwhile, the latest analytics firm Coin Metrics’ report noted that mining is “an economically significant industry,” and that in 2021, total Bitcoin miner revenue was around USD 17bn. This year, in the wake of China’s crackdown on BTC and crypto mining, “North America-based miners emerged as the new global industry leaders,” they said, adding:
“2022 is shaping up to be another important year.”
This can be seen in several factors, including:
- Bitcoin’s hashrate was at an ATH on March 29 of 200 EH/s, when measured on a 30-day moving average;
- more miners have been incentivized to come online recently because of the positive economics at today’s BTC price;
- Bitcoin miners have so far this year recorded over USD 3bn in revenue, the vast majority of which has come from block rewards.
The analysts concluded that,
“Tectonic shifts in the geographic distribution of Bitcoin mining [in one year] have introduced new opportunities. An increasingly institutional and maturing mining industry is tapping into the depth of US capital markets while synergies between existing energy infrastructure and Bitcoin mining are beginning to surface.”
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Learn more:
- Analysts Keep Reduced Hashrate Estimate for Bitcoin Despite Growth Exceeding Model
- EU Institutions to Continue MiCA Discussions Without Bitcoin Mining Ban Proposal
- Bitcoin & Crypto Mining in 2022: New Locations, Technologies, and Bigger Players
- Ripple’s Larsen Teams Up With Greenpeace & Co to Spend USD 5M on Recycling Bitcoin Mining FUD
- Russia Looks to Bolster its Bitcoin & Crypto Mining Industry Amid War in Ukraine