Bitcoin Mining Thrives Back Despite Ban Citing Environmental Concerns

• Bitcoin miners made $36.5 million a day in the preceding week.
• The average block output per hour has grown by 2.725.

Miner profits are rising once again. This time around, the miners have experienced a huge increase in their mining profits in only one week. There has been an increase in income due to a growth in hash rate and the number of transactions that take place in a day. 

According to data, Bitcoin miners made $36.5 million a day in the preceding week. This isn’t a horrible statistic in and of itself, but the data from the previous week suggests that there’s an opportunity for improvement.

Increased Revenue Generated

In the third week of March, miners made a total of $39,177,835 a day, increasing 7.3 percent. Despite decreasing the number of daily fees accrued over the week, these statistics are still rather high. However, the amount of daily transactions has been increasing. The daily transactions increased by 7.50 percent to $5,826 (in billions) from $5,419 (in billions) the previous week, the biggest weekly rise.

Additionally, there has been a rise in bitcoin’s hash rate. The hash rate, which had been in the fall since late February/early March, has picked up again in the last week. Binance CEO Changpeng Zhao tweeted about how banning mining had no effect, and the hash rate has surged and shared an image of the bitcoin hash rate graph.

Effects of “banning” bitcoin mining. Bitcoin hash rate new ATH, higher than when the “ban” happened. pic.twitter.com/pY5ea1rCJB

— CZ 🔶 Binance (@cz_binance) March 25, 2022

Bitcoin’s hash rate increased by 0.4 percent during the previous week’s mining difficulty reduction. The average block output per hour has grown by 2.725 since then, from 6.13 average blocks to 6.29 average blocks, as mining difficulty has increased.

   
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