In September, the income of the Bitcoin Mainers collapsed by 19%

In September, the income of the Bitcoin Mainers collapsed by 19%

According to the results of August, the total income of miners of the first cryptocurrency amounted to $ 551 million. The indicator decreased immediately by 19% compared to the previous month, follows from the FORKLOG report.

Turning from transaction commissions also decreased from $ 10 million to $ 9 million. However, their share in the total indicator for a month increased from 1.41% to 1.63%.

The income fall occurred against the backdrop of moderate hashReite growth (+3.6%) and the preservation of relatively high complexity of mining. The last indicator only at the end of September decreased by 2.14%, for the first time from July 21, showing a negative tendency.

In combination with stagnation of the price of bitcoin, this led to a reduction in the hashpris indicator to the marks of July 2020. Then digital gold traded below $ 10,000.

This factor, along with irrational financial management and overly aggressive investments, caused losses of many public mining companies.

Foundry USA strengthened leadership among the largest bitcoin pools-its share in the total hash exceeded 25%. Antpool for a month also significantly increased market positions – from 15.4% to 17.8%. The F2Pool indicator for September increased from 15.1% to 16.3%, and Binance Pool – from 9.8% to 12.1%.

The share of Poolin in total hashed fell from 10.2% to 5.3% – last month the company recognized liquidity problems, and after – presented a plan for the resumption of the withdrawal of funds.

After Ethereum migration on the consensus algorithm, Proof-OF-Stake (POS) due to the upgrade The Merge hashrate of the network, like miners’ receipts, fell to zero to zero. During the month, the average value of the commissions for Ethereum transaction decreased by 40%-$ 1.97. However, the corresponding indicator of bitcoin, which remains of September at $ 1, remains almost half as much.

With the transition of Ethereum to POS, miners second in capitalization of cryptocurrencies began to switch to other networks. In coins, like Ethereum Classic (ETC), as well as Ravencoin (RVN), Ergo (Ergo) or Beam (Beam) there was a sharp increase in the hash.

By the end of the month, their indicators were declining. ETC computing capacities decreased to 147 Th/S against about 300 Th/S at the peak. The hashReit of the largest Pow-report ETHW on October 1 was 48 Th/S. On the eve of the update, the capacity of approximately 750 Th/S continued to operate on the Ethereum network.

Bitcoin Industry in numbers- Bybit, Ecosystem for crypto traders.

Recall that Forklog analyzed in the material why The Merge did not solve the problem of scaling Ethereum and how the project will develop further.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.

Leave a Reply

Your email address will not be published. Required fields are marked *