September Slump: Bitcoin Miners See 2024’s Lowest Revenue

October 1, 2024 Bitcoin.com

According to the latest data, bitcoin miners pulled in $815.7 million from rewards and fees in September, marking their lowest earnings month of 2024, with $35.66 million less than August’s haul. Bitcoin Miners Earn $815.7M in September, Lowest Monthly Total of 2024 September was a tough month for bitcoin miners, who saw their lowest revenue […]

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China still controls 55% of Bitcoin hashrate despite crypto ban

September 23, 2024 Coin Telegraph

Bitcoin

China remains a major player in the Bitcoin mining industry despite imposing a blanket ban on cryptocurrencies in 2021.

Chinese Bitcoin miners still control the lion’s share of the global network despite the country’s ban on cryptocurrencies.

Over 55% of the Bitcoin (BTC) mining network is still controlled by Chinese mining pools, according to Ki Young Ju, founder and CEO of CryptoQuant.

However, Bitcoin mining dominance is slowly shifting to US mining firms. Ju wrote in a Sept. 23 X post:

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Bitcoin miner wallets awaken after over 15 years — Is this Satoshi?

September 20, 2024 Coin Telegraph

Analytics

Five miner wallets that received block rewards weeks after Bitcoin launched have started moving their coins.

Wallets belonging to early Bitcoin miners who received coins as rewards shortly after the blockchain’s launch by its pseudonymous creator, Satoshi Nakamoto, have recently been observed moving their BTC.

On Sept. 20, five miner wallets that received 50 Bitcoin (BTC) each as block rewards in 2009 started to move their funds. Blockchain data shows that one wallet received the mining reward on Jan. 29, 2009, while three received block rewards on Jan. 31, 2009. The last wallet received a block reward on Feb. 2, 2009.

One of the Bitcoin wallets seen moving mined BTC. Source: Blockchain.com

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Bitcoin’s All-Time High Difficulty Challenges Miners as Revenue Falls

September 11, 2024 Bitcoin.com

Bitcoin

On Sept. 10, Bitcoin’s mining difficulty rose 3.58% higher bringing the network’s difficulty to a new all-time high of 92.67 trillion. The news follows Bitcoin’s overall hashrate rising near the 700 exahash per second (EH/s) range when it tapped 693 EH/s. Rising Bitcoin Difficulty Puts Pressure on Miners Bitcoin’s difficulty now makes it 3.58% more […]

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Thai Authorities Raid Illegal Bitcoin Mine After Power Outages Spark Resident Complaints

August 26, 2024 Bitcoin.com

Bitcoin Miners

Thai authorities successfully raided an illegal bitcoin mining operation in Ratchaburi on August 23. The raid came after residents reported frequent power outages. The bitcoin mining operation was found to be consuming electricity that the occupants of the house were not fully paying for. Bitcoin Mine Raided Amid Resident Power Outage Complaints Authorities in Thailand […]

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Average Onchain Bitcoin Fees Drop Below $2, Lowest in Over 250 Days

July 14, 2024 Bitcoin.com

Average Onchain Bitcoin Fees Drop Below , Lowest in Over 250 Days

Average Fee

Since July 1, the average transaction fee on the Bitcoin blockchain has remained below $2, with current onchain fees at 15.5 satoshis per virtual byte (sat/vB), translating to $1.54 per transfer. Bitcoin Fees Hit 10-Month Low Onchain Bitcoin fees have fallen to levels not seen since October 2023, spanning more than 250 days. Over the […]

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Crypto miners stole $723M of electricity in Malaysia since 2018: Report

July 11, 2024 Coin Telegraph

Crypto miners stole 3M of electricity in Malaysia since 2018: Report

Akmal Nasrullah Mohd Nasir

Malaysia’s Deputy Minister of Energy Transition and Water Transformation revealed the number during an event where they disposed of over 2,000 machines seized in an operation.

Illegal crypto mining operators in Malaysia stole $723 million worth of electricity between 2018 and 2023, according to Malaysia’s deputy minister for energy and water.

Deputy Minister of Energy Transition and Water Transformation Akmal Nasrullah Mohd Nasir made the comment during an event that saw the disposal of 2,022 seized items worth around $467,000, including Bitcoin mining machines and electrical equipment, according to a report by Malay Mail.

Nasir said these illegal mining operations are harming not only Malaysia’s state-controlled power operator Tenaga Nasional Berhad, but also locals in affected areas.

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Bitcoin’s Daily Mining Revenue Dollar Value Plummets to Historic Low

July 4, 2024 Bitcoin.com

Bitcoin

Bitcoin’s hashprice, or the anticipated value of 1 petahash per second (PH/s) of hashing power per day, has plummeted to a historic low. According to Luxor’s hashprice index, at 6 a.m. EDT on July 4, 2024, the price per petahash dropped to $44.842 per PH/s. The dollar value of daily mining revenue per petahash of […]

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Runes TXs on Bitcoin have tanked over 88% this month

June 30, 2024 Coin Telegraph

Bitcoin Miners

Bitcoin miners have earned less than 2 Bitcoin combined from Runes transactions over the last six straight days — an enormous drop from its record 884 Bitcoin on April 24.

Runes, a new token standard on the Bitcoin blockchain, has seen its daily average transaction count plummet over 88% from its highest point this month.

Daily Runes transactions averaged out at 37,820 between June 22-28, marking a near-90% fall from the 331,040 daily average seen between June 9-15, according to Dune Analytics data from Crypto Koryo.

It includes 23,238 transactions made on June 24 — the lowest since the protocol launched at Bitcoin’s fourth halving event on April 20.

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Bitcoin Miners See 100 EH/s Exit Network as Prices and Revenues Fall

June 29, 2024 Bitcoin.com

Bitcoin

With bitcoin’s price declining 5% over the past week, miners have been experiencing reduced revenue as the hashprice has dropped to a level not seen since May. Currently, the hashprice, which is the estimated daily value of 1 petahash per second (PH/s), is below $50 and hovering just above $47 per PH/s. Declining Bitcoin Value […]

Bitcoin Miners

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