The BTC mining industry is facing the most significant power migration in its history as Glassnode data suggests operational BTC mining firms are witnessing a spike in their revenues. The report from the on-chain analysis platform also mentioned that around 50% of the Bitcoin miners are offline at present.
The latest crypto crackdown in China has led to some major mining firms take decisions of shifting their operations to other parts of the world out of China.
Talking about the hash rate of Bitcoin mining, it spiked in the month of April of the year 2021 when the price of Bitcoin was at its peak and managed to reach the level of $60K as the miners witnessed a daily income of around $60 million during that month.
As mentioned in the data shared by Glassnode, the report said:
An increase in the selling pressure by the Chinese Bitcoin miners was witnessed in the month of June as a result of a significant rise in the logistic expenses that are incurred by the extracting firms in resettlement in another country.
Highlighting a notable increase in the fluctuations in different Bitcoin mining metrics, Glassnode data said: