The revenue generated by Bitcoin miners is down by 48% since the halving event took place four days ago. This is despite the price of the Bitcoin closing in on the $10,000 mark.
Mining Revenue Crashes
The third mining halving event on the Bitcoin network took place on May 11, with the reward for mining a block on the network slashed to 6.25 BTC from the previous 12.5 BTC. The halving of the mining reward has seen the revenue generated by Bitcoin miners drop by 48% over the past few days, with some miners no longer turning in profits from mining on the network.
According to data from cryptocurrency company Blockchain, $8.95 million was the total subsidies and transaction fees paid to miners on the Bitcoin network on May 12. This is down from the $17.16 million paid to the miners on May 11, prior to the halving event. The revenue paid to miners reached a peak of $20.61 million on May 6. However, it has been dropping ever since. Blockchain’s data indicates that revenue to miners was revolving between $7.89 million and $28.60 million over the past year, with the lowest being on March 10, when the price of BTC tanked by 27%.
The revenue paid to miners, following the halving event, was made up of 13% transaction fees, the report added. The transaction fees are paid every time a Bitcoin transaction is processed and confirmed by a miner on the network. The transaction fees and the mining rewards are the revenue of the miners on the BTC ecosystem.
Miners Might be Looking to Leave the Network
The drastic drop in revenue could see several miners leave the Bitcoin network as it becomes unsustainable for them to continue operation. This is despite the price of BTC recovering from its slip a few days ago to now rally towards the $10,000 mark.
Although the price is recovering, the hashrate on the Bitcoin network has declined to 98 exahashes (EH/s). Data obtained from bitinforcharts.com reveals that this is a 27% drop from the 135 EH/s observed on Monday.
To be sure of the decline in network transactions, the seven-day average shows that the hashrate dropped 114 EH/s from the pre-halving high of 122 EH/s. The reduction in the network hashrate suggests that some miners have either reduced their mining activities while some have shut down operations entirely. The reduction in mining rewards makes it harder to generate profits, especially for the older machines that are expensive and do not have much computing power.
Overall, the average time it takes to mine a block on the Bitcoin network has also increased due to the decline in miners. The mean block interval time rose to 12 minutes on Wednesday from the 8.5 minutes recorded on Sunday.
Market experts like Alex de Vries, a blockchain specialist and the founder of financial and economic news portal Digiconomist, pointed out that mining hardware like the S9 has already lived longer than anticipated. As such, the price of Bitcoin has to double before these machines can become profitable to the miners again. Vries is expecting the hashrate to drop by 20% in the short-term, with the hashrate currently down by 6.5%.
If the price of Bitcoin continues to go up, then the older machines could churn out profits for the miners. The price of BTC has to go above $13,760 for the Antminer S9 machine to become profitable to the miners again, according to a calculator provided by Poolin.
Can someone recommend Garters and Garter Belts? Thanks xx
Does anyone know whether I am able to buy JUSTKRATOM Green Malay Kratom Powder (justkratomstore.com) from Studio Vapes, 1083 W Eads Pkwy, Lawrenceburg, IN, 47025?
how to use cbd liquid for pets
Does anyone have any idea The Vapor Store ecigarette store based in 8908 McClellan Blvd offers e-liquid made by Buckshot Vapors? I have tried sending them an email at at [email protected]
Where Can I Get Order Pax Era Pods With This Vape Ban In Mass
what happens when you vape too much
Does anyone know if I am able to purchase JUSTKRATOM Red Maeng Da Kratom Capsules (justkratomstore.com) from Toot Juice & Vapor Supply, 215 S Ragsdale St, Jacksonville, TX, 75766?
By way of introduction, I am Mark Schaefer, and I represent Nutritional Products International. We serve both international and domestic manufacturers who are seeking to gain more distribution within the United States. Your brand recently caught my attention, so I am contacting you today to discuss the possibility of expanding your national distribution reach.We provide expertise in all areas of distribution, and our offerings include the following: Turnkey/One-stop solution, Active accounts with major U.S. distributors and retailers, Our executive team held executive positions with Walmart and Amazon, Our proven sales force has public relations, branding, and marketing all under one roof, We focus on both new and existing product lines, Warehousing and logistics. Our company has a proven history of initiating accounts and placing orders with major distribution outlets. Our history allows us to have intimate and unique relationships with key buyers across the United States, thus giving your brand a fast track to market in a professional manner. Please contact me directly so that we can discuss your brand further. Kind Regards, Mark Schaefer, [email protected], VP of Business Development, Nutritional Products International, 101 Plaza Real S, Ste #224, Boca Raton, FL 33432, Office: 561-544-0719
Has anybody ever shopped at Smoke & Vapor Ecigarette Shop located in 455 S Bibb Ave?
I oversee a vape store submission site and we have had a posting from a vape shop in the USA that additionally markets CBD product lines. A Month later on, PayPal has contacted use to say that our account has been restricted and have asked us to take out PayPal as a payment method from our vape store web directory. We do not offer for sale CBD product lines like CBD oil. We only provide online marketing services to CBD companies. I have had a look at Holland & Barrett– the UK’s Well known Health and wellness Retailer and if you take a close look, you will witness that they sell a fairly substantial variety of CBD goods, particularly CBD oil and they also happen to take PayPal as a payment method. It seems that PayPal is applying twos sets of rules to different firms. Because of this limitation, I can no longer accept PayPal on my CBD-related online site. This has constricted my payment choices and right now, I am greatly reliant on Cryptocurrency payments and straightforward bank transfers. I have spoken to a solicitor from a Magic Circle law practice in The city of london and they stated that what PayPal is doing is entirely against the law and discriminatory as it ought to be applying a systematic benchmark to all companies. I am still to speak to yet another legal representative from a US law firm in London to see what PayPal’s legal position is in the United States. For the time being, I would be highly appreciative if anyone here at targetdomain could offer me with different payment processors/merchants that deal with CBD firms.
Is anyone here in a position to recommend Vac U Lock Strap Ons? Thanks x
Has anyone ever been to Vape Den Vape Store in 403 N Grand St?
Hi everyone ! can anyone advise where I can purchase Hempzilla?
Can anyone in a position to recommend good Reclaimed Timber B2B Data? Thanks 😀
By way of introduction, I am Mark Schaefer, and I represent Nutritional Products International. We serve both international and domestic manufacturers who are seeking to gain more distribution within the United States. Your brand recently caught my attention, so I am contacting you today to discuss the possibility of expanding your national distribution reach.We provide expertise in all areas of distribution, and our offerings include the following: Turnkey/One-stop solution, Active accounts with major U.S. distributors and retailers, Our executive team held executive positions with Walmart and Amazon, Our proven sales force has public relations, branding, and marketing all under one roof, We focus on both new and existing product lines, Warehousing and logistics. Our company has a proven history of initiating accounts and placing orders with major distribution outlets. Our history allows us to have intimate and unique relationships with key buyers across the United States, thus giving your brand a fast track to market in a professional manner. Please contact me directly so that we can discuss your brand further. Kind Regards, Mark Schaefer, [email protected], VP of Business Development, Nutritional Products International, 101 Plaza Real S, Ste #224, Boca Raton, FL 33432, Office: 561-544-0719
Good Morning everybody , can anyone recommend where I can purchase Gold Label Oral Applicator 6 Pack By Rsho?
I operate a vape store directory and we have had a listing from a vape store in the United States that also sells CBD product lines. A Calendar month afterwards, PayPal has written to use to say that our account has been restricted and have asked us to take out PayPal as a payment solution from our vape shop submission site. We do not offer for sale CBD products such as CBD oil. We only offer marketing and advertising services to CBD companies. I have looked into Holland & Barrett– the UK’s Top Wellness Retailer and if you take a close peek, you will witness that they offer for sale a reasonably wide-ranging variety of CBD product lines, specifically CBD oil and they also happen to take PayPal as a payment method. It emerges that PayPal is applying double standards to different companies. As a result of this limitation, I can no longer take PayPal on my CBD-related web site. This has limited my payment possibilities and currently, I am greatly dependent on Cryptocurrency payments and straightforward bank transfers. I have sought advice from a solicitor from a Magic Circle law firm in London and they stated that what PayPal is undertaking is altogether illegal and inequitable as it should be applying a consistent criterion to all firms. I am yet to seek advice from an additional lawyer from a US law office in The city of london to see what PayPal’s legal position is in the USA. Meanwhile, I would be extremely appreciative if anybody here at targetdomain could offer me with substitute payment processors/merchants that deal with CBD firms.
Is anyone here in a position to recommend Sexy Clothing? Thanks xox
Good Morning everyone ! can anyone advise where I can purchase Inflammation Relief CBD Mints By Lucent Botanicals?
cbd oil neurogenesis
Has anybody ever shopped at Mean Street Vapor Ecigarette Shop in 315 Water St?
Has anyone ever been to Create A Cig Ecig Shop in 5221 Lankershim Blvd?
Has anyone ever been to Lindsay’s Vapors Ecigarette Shop in 203 S Juniper St?
are vape without nicotine bad for you
I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post…
? Abby want to meet you! Click here: https://clck.ru/dY85c?h=3e736b8f1ed798d4efb3ef4597de34b7- ?