Bitcoin and mining profitable again. To all those who were waiting for some signs positive in the cryptosthe time has come! Between the financial giants poking their heads in to see what’s going on and the miners who earn profits like never before, we seem to have collectively eaten our black bread. Of course, we’re not safe from a swan of the same color, but the bears seem to have given up. Today, the focus is on the specialists of thebitcoin mining which are back in the black after a nightmarish 2022. Put on the helmet and turn on the lights, we’re going down to the mine.
Bitcoin: miners ate their black bread in 2022
For all those who spent the year on a desert island and are now landing, we’re going to give you a quick summary in a few words. Not even a year ago, the mining industry mining from bitcoins was faced with a of the worst periods of her young life ! Rising of energy due – in part – to the conflict in Ukraine, decline trading volume in the heart of the crypto winter, mining companies forced to put the key under the doorcourse Bitcoin which collapses and flirts with 15 000 dollars and finally, threats of regulations from everywhere.
In short, as you can see, there weren’t many people back then who still believed in the return of the good old days. And yet, after all these adventuresthe survivors can once again catch a glimpse of blue skies and project themselves into a less anxiety-inducing future. The Bitcoin price shows positive signs, electricity starts to find a price again reasonable and a new phenomenon has boosted trading volumes on the network. The planets are aligning for the mining and the smiles are back on crypto’s black faces.
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BTC mining for greater returns
Indeed, in the second quarter of this year, the sector pocketed no less than 184 million in network costs alone. This represents more than the entire year 2022 cumulative all the same! Compared with the first quarter, this represents an increase of 270 % and this is the first time since the second quarter of 2021 that the 100 million is passed, 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 data volume and user demand.
This upturn is the result of several factors, but the most notable is the advent of a new type of token on the network Bitcoin, BRC-20, which multiplied traffic on the network. And, in turn, increased the fees paid to miners. Added to this, of course, was the increase of Bitcoin’s price, but the best has also come from the regulation American. After some winter scares, the Biden administration’s proposal for mining taxes was finally frozen.
Finally, you should know that costs only represent 7,7 % of 2.4 billion collected by the mining industry, with the remainder coming from block rewards, which currently stand at 6,25 bitcoins per validated block. This amount will be halved for the next halvingwhich reinforces the battle to exist in the network. Moreover, the hashrateor the difficulty of mining, has also reached record levels, showing the very good health of the sector. And recent announcements by investment giants are unlikely to reverse the trend!
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