Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: sirty143 on December 02, 2023, 03:06:48 PM

Title: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: sirty143 on December 02, 2023, 03:06:48 PM
Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months

(https://i.imgur.com/2aRLBZ9m.jpg)

In the past six months, Bitcoin miners’ revenue has dropped by more than 30%, with November revenues approximately $270 million lower than October revenues... See more for yourself here (https://news.bitcoin.com/report-bitcoin-miners-revenue-down-by-more-than-30-in-the-last-6-months/).

Your opinion is greatly appreciated.
Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: hugeblack on December 25, 2023, 04:00:00 PM
according to jochen-hoenicke.de[1] transaction fees for the last three months have been very high, with the average fees for the last blocks reaching 1.0604 BTC/block or $46,340 (extra profits) per block.

(https://talkimg.com/images/2023/12/25/IkfC2.png)

Taking price data from ---> https://coinmarketcap.com/currencies/bitcoin/, the price of Bitcoin has increased in recent months, and therefore all miners have achieved profits during the past 6 months and have not achieved a decline or loss.

(https://talkimg.com/images/2023/12/25/Ikjuq.png)

[1] https://jochen-hoenicke.de/queue/#BTC,6m,fee
Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: surendertakyaan70 on December 27, 2023, 12:44:35 PM
Over the past six months, a decline of more than 30% in revenue for Bitcoin miners is causing concern. Revenue for the month of November also declined the most, reaching approximately $17k less than October's revenue. There could be many reasons behind this decline, such as the decrease in the value of Bitcoin, increasing demand for equipment for mining or market instability. This could be a signBitcoin has been a matter of concern in the last 6 months but as of today there is hope that Bitcoin will reach its previous position.
Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: hugeblack on December 30, 2023, 11:28:34 AM
Quote from: surendertakyaan70 on December 27, 2023, 12:44:35 PM
Over the past six months, a decline of more than 30% in revenue for Bitcoin miners is causing concern. Revenue for the month of November also declined the most, reaching approximately $17k less than October's revenue.
What past 6 months are you talking about? The price of Bitcoin has risen well over the past months[1], fees have risen insanely as I explained above, miners are earning more money, and do not plan to spend it because they know that in the next world the price will rise. These are all reasons why mining is at its best currently, especially with the news of an imminent reduction in interest rates.


[1]
(https://talkimg.com/images/2023/12/30/IbPgc.png)
Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: Stompix on December 31, 2023, 03:53:48 PM
Quote from: hugeblack on December 30, 2023, 11:28:34 AM
What past 6 months are you talking about?

Perfect example of crappy journalism from bitcoin.com

So the article quotes this article:
https://www.banklesstimes.com/news/2023/11/24/bitcoins-miners-revenue-plunge-by-34percent-in-6-months/
which quotes as a source:
https://dune.com/queries/2057738/3404196

Which surprisingly, shows completely the opposite, both November and December are record level income for miners since April 2022.
Furthermore the last year end was a disaster, with income levels not being that low from 2020!

Quote from: surendertakyaan70 on December 27, 2023, 12:44:35 PM
Revenue for the month of November also declined the most, reaching approximately $17k less than October's revenue.

How would that be even possible with October's price being around $27k vs November averaging $35k?
Like seriously, how?






Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: hugeblack on January 01, 2024, 11:02:23 AM
Quote from: Stompix on December 31, 2023, 03:53:48 PM
Perfect example of crappy journalism from bitcoin.com
What is strange is that they are promoting BCH and Bitcoin high fees problem. Now is the perfect time to make comparisons that BCH was the best, that transaction fees will not decrease soon, and that we should move to BCH. In the past, although their articles were biased and sometimes false, they provided logical analyzes and not fake news.
Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: Gurujebs on January 04, 2024, 09:49:40 PM
Quote from: hugeblack on January 01, 2024, 11:02:23 AM
Quote from: Stompix on December 31, 2023, 03:53:48 PM
Perfect example of crappy journalism from bitcoin.com
What is strange is that they are promoting BCH and Bitcoin high fees problem. Now is the perfect time to make comparisons that BCH was the best, that transaction fees will not decrease soon, and that we should move to BCH. In the past, although their articles were biased and sometimes false, they provided logical analyzes and not fake news.

(https://www.talkimg.com/images/2024/01/04/sMdqj.jpeg)

Some how this evening, I'm wondering what has lower the price of transactions fees because this is not weekend yet and mempool has reduced and tbe fees.

How did this happened? Is that the ordinals has decided to take break or this transaction surge were coordinated attack on mempool to raise transaction fees on bitcoin because it was unsual to have such more transactions when we are not in bull run yet or halving concluded.


I think miners or some groups  are just trying to spread false information on the miners revenue, the money they have generated from the fees from BRC 20 tokens and this price recovery is enough for them to have recovered.
Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: hugeblack on January 06, 2024, 08:43:47 AM
Quote from: Gurujebs on January 04, 2024, 09:49:40 PM
I think miners or some groups  are just trying to spread false information on the miners revenue, the money they have generated from the fees from BRC 20 tokens and this price recovery is enough for them to have recovered.
As I mentioned many times, things will improve in two to three weeks, and they are already improving, but the problem always lies in the ease of spam and not continuity, as the number of upcoming transactions has already begun to increase.

(https://talkimg.com/images/2024/01/06/szUvH.png)

Therefore, although the problem of high fees will be solved, the biggest problem remains in the habit of paying fees between 10 sat/vB and 40 sat/vB as a normal fee, which is what is happening currently, or in other words, we will forget that you can broadcast the transaction with 1 sat/vB and it will be confirmed by Weekend, 10sat/vB is not cheap compared to altcoins fees.
Title: Re: Report: Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Post by: Stompix on January 06, 2024, 05:12:26 PM
Quote from: Gurujebs on January 04, 2024, 09:49:40 PM
I think miners or some groups  are just trying to spread false information on the miners revenue, the money they have generated from the fees from BRC 20 tokens and this price recovery is enough for them to have recovered.

Why do you jump to a conspiracy theory that has no basic and would obviously not do anything good for the so called malicious party involved, as an article screaming low income won't suddenly make it big and not blame the easiest and most logical explanation, crappy journalism?
You have someone who needs to write articles per quota and he needs to make clickbait's story even if nothing ever happens, so, pretty obvious what happened here, nobody didn't had news to write about so he made some news!

Quote from: hugeblack on January 06, 2024, 08:43:47 AM
Therefore, although the problem of high fees will be solved,

Temporarily, getting rid of ordinals won't create space for 10 million wanting to make an on-chain payment, the problem will be "solved" because ironically enough we don't have enough users to clock the blockchain naturally, so it's a bit of bad and good news mashed together!