Bitcoin Mining Revenue Fell by 48% Amid Third Bitcoin Halving: Report

Akhilesh Agnihotri
Akhilesh is an engineer and research subordinate working with thecoinrepublic.com as a part of the research team and do research work on Cryptocurrency and Blockchain. His curiosity in research and writing brings him to thecoinrepublic.com, He believes writing is all about expressing the thoughts with words and spread information backed by well-researched work.
  • Binance report revealed that after the third Halving, bitcoin mining revenue fell by 48%.
  • Even though a 37% higher growth has been seen at the beginning of May, volumes were persistently lower after the Halving. 
  • Bitcoin has just surpassed the $10,000 barrier setting a wave across the cryptocurrency market.

As of January 2018, Binance is the largest exchange platform for trading cryptocurrencies. They issued a monthly trading report on how miner’s revenue fell because of the 2020 Halving. According to a recent binance report, after the third Halving, bitcoin mining revenue fell by 48%. Bitcoin still performs well even though trading volatility has squeezed considerably. 

Bitcoin’s performance with a narrow trading range

The 3rd Bitcoin halving event had an odd effect on its price. It promoted a positive return for the miners even with a lull trading range of $8,000 to $10,000. The range has been relatively narrow in contrast to the previous months. Permanent contracts of Binance Futures such as BTCUSDT yielded about 11.8% return. ADAUSDT, an Altcoin contract generated a 58% return. This has been recorded as the biggest gain for May. A significant spike in market value was seen in ETHUSDT. This is another Altcoin contract that showed a hike of 16.6%. Most perpetual contracts showed a positive response except for XRPUSDT, EOSUSDT, BCHUSDT, etc. Binance Futures has now a total of 25 contracts after it recently added THETAUSDT on 27th May. 

Post-Halving volume halt

There has been a decline in trading activities as volume started marginalizing towards the end of May. More active investments were observed before the Bitcoin Halving. Even though a 37% higher growth has been seen at the beginning of the month, volumes were persistently lower after the Halving. 

Post-Halving recovery 

Bitcoin experienced a jump in its value just days before the 3rd Halving. A hike of 15% was seen in a single day which triggered liquidations across exchanges. BTCUSDT revenue fell from $379M to $220M because of the price plunge. 

Binance’s contracts hold $500 million as of 31st May. This indicates more inflow of capitals, so Binance Futures has recovered back to pre-halving levels.

Does this mean a Bull Run for Bitcoin? 

Bitcoin has just surpassed the $10,000 barrier setting a wave across the cryptocurrency market. The recent short-squeeze being experienced in the number of Bitcoin mined could indicate a further push in its value. Bitcoin surge has been breaking new grounds and it continues its market capitalization share swelling at 65.9%. 

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