Bitcoin and mining profitable again. To all those who were waiting for some signs positive on the market for cryptos, the time has come! Between the giants of finance who stick their heads out to see what’s going on and the minors who earn profits like never before, it seems that we have collectively ate our black bread. Of course, we are not immune to a swan of the same color, but the bears, it seems, have given up. We are interested today in the specialists of thebitcoin mining who find colors after a nightmarish year 2022. Put on the helmet and turn on the lights, we go down to the mine.
Bitcoin: miners ate their black bread in 2022
For all those who have spent the year on a desert island and who are now disembarking, we will give you a short summary in a few words. Not even a year ago, the industry mining of bitcoins was faced with a of the worst periods of his young existence ! Rise energy due – in part – to the conflict in Ukraine, decrease significant transaction volume in the heart of the crypto winter, mining companies forced to put the key under the doorduring Bitcoin who collapses and flirts with the 15,000 dollars and finally threatens to regulations come from everywhere.
In short, you have understood that there were not many of them at that time who still believed in the return of happy days. And yet, after all these adventuressurvivors can once again glimpse a patch of blue sky and project themselves into a less anxiety-provoking future. Bitcoin price shows positive signs, electricity is beginning to regain a price reasonable and a new phenomenon has boosted trading volumes on the network. The planets align for the industry mining and the smiles are back among the crypto blackmouths.
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BTC mining towards a better return
Indeed, in the second quarter of this year, the sector pocketed no less than 184 million dollars in network costs alone. That’s more than the whole year 2022 cumulative all the same! Compared to the first quarter, this is an increase of 270% and this is the first time since the second quarter of 2021 that the bar 100 million is crossed, according to data from Coin Metrics. As a reminder, fees are distributed to bitcoin miners each time a new block is validated and the amount depends on the volume of data and user demand.
This improvement is therefore the result of several factors, but the most notable remains the advent of a new type of token on the network Bitcoin, the BRC-20s, which have multiplied the traffic on the network. And, in turn, increased the fees paid to minors. To this must of course be added the rise of the course of Bitcoin, but the best has also come from the side of the regulation American. After some winter scares, the proposed mining taxes proposed by the Biden administration was finally frozen.
Finally, note that the costs only represent 7.7% of the 2.4 billion dollars collected by the mining industry, the rest coming from block rewards which currently stand at 6.25 bitcoins per validated block. This amount will be halved on the next halving, which will strengthen the battle to exist in the network. Besides, the hashrateor the difficulty of mining, also reaches records, which shows the very good health of the sector. And, recent announcements from investment giants are unlikely to reverse the trend!
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