Cryptocurrency

Revenue of mining Bitcoin fell 23% in June

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According to a report Coin Metrics, the income reported by the mining of Bitcoin fell 23% during the month of June. This is due to the low of the committees of the network and the effects of the Halving of the last month of may.

The increase in operating expenses for the maintenance of the farms with outdated equipment, has created a huge selling pressure. In the same way, income from the exercise of the mining digital fell from $366 million in may to $288 million in June.

You must take into consideration that the mining Bitcoin involves processing of transactions. The same are grouped in blocks and added to the network Blockchain. For this work, the miners receive a payment of 6.5 BTC for each block is valid.

Revenue by mining Bitcoin fell dramatically in June as a result of the Halving. Source: Blockchain.com
Revenue by mining Bitcoin fell dramatically in June as a result of the Halving. Source: Blockchain.com

Income from mining Bitcoin are kept in a loss after the Halving

Quoted by the news portal CoinDesk, Austin Storm, founder of the company BearBox, for his part, said that the revenue mining Bitcoin by means of subsidies and commissions, during the Halving, had better performance than the previous month, however, fell later.

All this despite the reduction to half the income per block mined, which pays the network. This is because, during the Halving, the size of the mempool Bitcoin grew significantly, bringing with it the increase of the fees for transactions operated on the network Blockchain from the main criptomoneda.

It is important to note that, the mempool is a form of storage for the audited transactions, operated by the own miners. With the withdrawal of miners from the network, as a result of the clipping of may, the commissions began to decline.

Another important factor that you should keep in mind is that the estimates given by the fact that the miners sell their income on the exchanges. This means that they are not 100% accurate due to not taking into account the total amount stored, which is very difficult to get to know.

Hash Rate of Bitcoin has recovered his level after the Halving, and has prevented the income from mining Bitcoin are 50% in losses. Source Coinmetrics.io
Hash Rate of Bitcoin has recovered his level after the Halving, and has prevented the income from mining Bitcoin are 50% in losses. Source Coinmetrics.io

Data to be taken into consideration

  • The income of the mining Bitcoin in terms of fees amounted to $12 billion in June, representing 4.3% of the total income of the miners. It is a strong reduction in comparison with 8.3% in may.
  • The Halving of Bitcoin in the past month of may, he was one of the factors causing the fall in 23% of revenue by mining Bitcoin.
  • During the month of may, the total income from the mining Bitcoin was $366 million dollars. In June, for its part, was $288 million dollars.
  • Given that the price of Bitcoin has remained stable over the past two months, a cut of the reward for the Halving, represented a cut of 50% of the income of the miners. But the losses were down to 23% thanks to the recovery of the Hash Rate of Bitcoin.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:

1 – professional Management of content by the authors of CriptoTendencia.
2 – external Sources: Blockchain.com, CoinDesk.com and Coinmetrics.io.

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Astha is an experienced Content Writer and Blogger in Blockchain, Tech, Fashion and eCommerce field with a successful track record of working in Creative Content Writing, Public Relations and Growth planning.

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