BT Daily News: Rising bitcoin price leads to 50% more revenue for miners and more

by CHarvey January 31, 2023

1. Rising bitcoin price leads to 50% more revenue for miners

The past year has been no fun for bitcoin miners. The low bitcoin price, the rising hashrate and the sky-high energy prices are not favorable market conditions for mining bitcoin (BTC). The persistent bear market has therefore killed many miners. For example, you could read in the crypto news earlier that even the largest public bitcoin miner in the world, Core Scientific, was forced to file for bankruptcy.

BTC mining turnover

In 2022, the total revenue of the bitcoin mining industry was $9.55 billion, compared to $15.3 billion a year earlier. With this, it was down 37.5% as a direct result of the bear market.

However, the new year has got off to an excellent start for many stocks, including Bitcoin. The bitcoin price is currently about 40% higher than at the turn of the year. A few days ago, you could read in the Bitcoin news that sentiment in the crypto market has recovered to a ten-month high.

According to data from Blockchain.com, mining revenue on the first day of the new year equaled $15.3 million. On January 29, this daily turnover was almost $23 million, representing a 50% increase. In that respect, miners can breathe a sigh of relief after this BTC rally.

Bitcoin hash rate at record high

As more miners contribute to Bitcoin's decentralized network, the hashrate, or total computing power of the network, will increase. Last week you could read that this hashrate had risen to a record high of 275 exahash per second. BTC.com now indicates that the total computing power of the network is equal to 295.02 EH/s.

Earlier today you could also read that the mining difficulty increased by 4.68% to a new all-time high. This adjustment is a direct result of the increasing competition among BTC miners. About every two weeks, the difficulty is adjusted to the hashrate to guarantee that it will continue to take about ten minutes to add a new block to the blockchain.

2. Bitcoin hash rate taps new milestone with miner hodling at 1-year low

Bitcoin is seeing new records in network activity as volatility sends BTC price action to fresh five-month highs.

Data from resources including MiningPoolStats confirms that Bitcoin’s hash rate hit new all-time highs on Jan. 26.

Hash rate passes 300 EH/s threshold

In another example of Bitcoin’s blitz recovery from the pits of post-FTX woes, network hashing power is now bigger than ever.

Hash rate, which is an expression of the processing power dedicated to the network by miners, is currently at 321 exahashes-per-second (EH/s), according to MiningPoolStats raw data.

Despite being only an estimate and impossible to measure entirely accurately, the latest readings are quite the feat, having never crossed the 300 EH/s level before.

Mining firm Braiins likewise confirmed the numbers in its live reporting feed.

Other trackers from BTC.com and Blockchain.com have slightly lower estimates, both being around 275 EH/s on the day. The latter shows hash rate hitting an all-time high of 276.8 EH/s on Jan. 20.

“Your wealth is more secure than ever!” popular commentator BTC Archive wrote in part of a Twitter response to the data, indicative of improving sentiment across the Bitcoin space.

Hash rate is a key component of Bitcoin security and significant drawdowns result in network difficulty rising to entice more miners to participate.

Network difficulty is also set to reach levels never seen before this week in a nod to fierce competition in the mining sector.

According to data from BTC.com, the next automated readjustment will send difficulty an estimated 2.75% higher to 38.62 trillion.

The previous readjustment delivered a 10.26% increase, Bitcoin’s largest since October 2022 and only the second double-digit hike since mid-2021.

3. These 2 Green Cryptos, Big Eyes Coin and Solana, Are A Better Investment Than Bitcoin In 2023

Cryptocurrency is a new hot topic, and nobody can stop talking about it. Blockchain technology is not new, but its popularity has risen exponentially in recent years. It has brought with it many benefits, including allowing the average person to utilise a decentralised financial system, removing the middle man (banks) and instead giving investors complete control over their assets ad how/when they can use them.

Though it has brought about many great things, one significant downside to some cryptocurrencies is their energy usage. Cryptos must go through a consensus method to add new blocks to the blockchain. Though there are different methods now, the original method introduced was the proof-of-work (PoW) method. This is still used by many cryptos, including the frontrunner, Bitcoin (BTC).

The problem with this method lies in its tremendous energy consumption, causing damage to the planet. However, alternative cryptocurrencies exist for those who want to reduce their carbon footprint. This piece will discuss Big Eyes Coin (BIG) and Solana (SOL), two green cryptos that you should look into! Though it has been around for years, it became much more popular during the worldwide Covid-19 pandemic. People wanted to find other forms of income as the lockdown caused the employment rate to plummet. Investing in crypto was one of many ways people could profit from home and not have to worry about being laid off.

Work-from-home jobs have also been popularised for this reason. Crypto investments also fit into this category. However, cryptocurrency faces one huge struggle – the harm it can cause to the environment.

Bitcoin’s Harmful Consensus Method

Bitcoin (BTC) was launched in 2009 as the first-ever cryptocurrency. It introduced the proof-of-work consensus method and has not changed since. The proof-of-work method allows people to ‘mine’ BTC by solving complex mathematical equations, often done on a supercomputer. Once the equation is solved, another block is added to the blockchain, and the miner is rewarded in BTC.

This method is often time and energy-consuming. Not only does it cost a large amount of money to use the technology, but it also releases mass amounts of carbon emissions. Bitcoin mining produces approximately as much energy a year as a small country like Malaysia or Argentina! This figure may rise as more people become interested in cryptocurrency.

Big Eyes Coin’s Charitable Ventures

Big Eyes Coin (BIG) is a meme coin in the presale stage of its launch. It has made over $18 million in only a few months. This number is set to increase. The coin is based around a cute cat that is obsessed with the ocean, fish and all forms of aquatic life.

Therefore, Big Eyes Coin (BIG) has created a 5% charity wallet in which the coin will place 5% of all BIG tokens aside to donate to numerous ocean-saving charities. One of the charities Big Eyes Coin has already donated to is Sea Shepherd. This non-profit organisation focuses on safeguarding the ocean and aquatic life.

Big Eyes Coin (BIG) plans to launch at the end of January 2023 if it makes an additional $12 million. The meme coin is hosting a promotional event to celebrate and is offering a 200% bonus code. To claim this reward, enter LAUNCHBIGEYES200 at the checkout and get three times as many BIG tokens. The coin’s site also includes a calculator that shows how much your BIG tokens are worth now and in the future.

Solana Is Leading Crypto To A Greener Future

Solana (SOL) is a popular blockchain network taking a different approach. Solana uses the proof-of-stake consensus method to validate new transactions. PoS uses investors to stake their coins to add new blocks to the blockchain. Solana backs this method up with proof-of-history, giving additional security.

The PoS and PoH methods produce minimal carbon emissions and allow you to enjoy guilt-free crypto investing!