\n

Bitcoin miners are notably taking profits off the table, a trend that has been <\/span>highlighted<\/span><\/a> by crypto markets analytics platform, Glassnode. The Glassnode data shows that events that are crucial on-chain trends can also be well linked to real-life demands.\u00a0<\/span><\/p>\n

The Bitcoin mining ecosystem took a massive plunge back in the second quarter following the <\/span>clampdown<\/span><\/a> on miners by Chinese authorities. Obeying the quit notice issued by the government, miners went on the largest migration in history, with millions of hardware machines plugged offline. The resultant effect was a plunge in the mining difficulty, leading to an all-time low of 13.67 T recorded back in July.<\/span><\/p>\n

It is worth noting that reducing mining difficulty translates effectively to more profitability for the miners already running on the network. Per the Glassnode data, the \u201cminer USD revenue per hash has now risen back to July 2019 levels of $380k per Exahash, making operational miners exceptionally profitable on a historical basis.\u201d<\/span><\/p>\n

Irrespective of this reality, the Bitcoin network health is increasingly getting back to normalcy, with the difficulty climbing back to the levels before the hunt down began.<\/span><\/p>\n

\u201cThe Bitcoin mining market continues to recover after half of the hash-power came offline during the Great Migration out of China. The 14-day median hash-rate has recovered to 128 EH\/s, which is approximately 29% below the all-time-high, and reflects a 42% recovery from the July lows.\u201d<\/span><\/p>\n