Bitcoin’s On-Chain Volume Increased By 317% Reaching $4.2 Trillion In 2021 By DailyCoin


Bitcoin’s on-chain volume increased by 317% to reach $4.2 trillion in 2021

Bitcoin miners generated more than $15 billion in revenue over the course of 2021, according to The Block Research. The estimate represents a 206% annual increase, according to The Block Research’s 2022 Digital Asset Forecast Report. Notably, the appreciation is based on the idea that miners sell their accumulated digital assets to pay for electric power and other resources; Some miners keep some of their mined coins. It also said estimated mining revenue peaked in March, when miners brought in about $1.75 billion, including $167 million in transaction fees. Over the course of the year, bitcoin mining revenue was boosted by a surge in the price of the digital asset, which reached an all-time high in early November. The report added, “2021 was a record year for cryptocurrencies, with many, including bitcoin and ether, reaching new levels in market prices. The total cryptocurrency market capitalization in 2021 also reached a record $3 trillion after doubling $1 trillion in January and $2 trillion in May., the market leader in terms of total market capitalization, broke an all-time high and nearly 100% in 2021 with nearly $545 billion added to its market cap – vs. gold:- 2.5%, S&P500: 26%, Nasdaq: 31% in the same time period In terms of annual gains, Bitcoin reached $69,000 in early November, an annualized return of over 140% Notably, all cryptocurrencies The top ten by market capitalization, excluding stablecoins, had positive returns.Moreover, most cryptocurrencies in the top ten outperformed bitcoin by wide margins – including ether, even more than a year earlier. Active stocks are in the news today. Include: China Xiangtai Food Co., Ltd. Ltd. (NASDAQ: PLIN), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Canaan Company (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (NASDAQ: NASDAQ 🙂 (TSXV: HIVE).

To date, Bitcoin dominance (BTC market capitalization/total digital asset market capitalization; Figure 3) has fallen from 70% to 43% at the time of writing – with a temporary drop of 40% in May. The decline in dominance contributed significantly to the aforementioned growth of Layer 1 protocols and their tokens. Total volume adjusted on-chain (on the public blockchain), a proxy for economic productivity, reached a record $7.5 trillion between Bitcoin and in 2021, an increase of 435% over the previous year. Overall, Bitcoin’s on-chain volume increased by 317% year-over-year (from $1 trillion in 2020 to $4.2 trillion in 2021), while Ethereum’s on-chain volume increased 729% year-over-year (from $403 billion to $3.3 trillion).

China Xiangtai Food Co., Ltd. Ltd. (NASDAQ: PLIN) Breaking newsChina Xiangtai Food Co., Ltd. buys 686 instant bitcoin miners with a total hash rate of 63,000 THB/secChina Xiangtai Food (“the Company” or “PLIN”), an agribusiness startup with a diversified expansion strategy, announced today that the Company, through its US subsidiary SonicHash LLC, has entered into a purchase agreement (” Agreement”) with a global Bitcoin mining hardware company to purchase 686 Bitcoin miners worth $6 million. The newly minted first class miner with a hash rate of 92 tera/s is expected to increase the hash rate of the company’s mine fleet by over 63,000 THB/s.

According to the agreement, the newly purchased miners are expected to be delivered within two to three weeks to the company’s mining facility site in Carthage, New York by the end of January 2022. As a result, the company’s total mining operations are expected to consist of 1,428 Bitcoin miners. , they produce approximately 132.2 PH/sec once all the metals are fully engaged. The company expects to generate approximately $11 million in revenue and $7.7 million in cash contribution for the first year, based on an average bitcoin price of $49,628/bitcoin for the past month.

Dr Eric Rengivo, CSO of the company said:

“We are pleased to secure miners ahead of our peers with the help of the spot purchase agreement. It is a strategic step as we seek a new channel in our procurement strategy and diversify our reach to miners. We believe that our newly purchased miners will rapidly expand our mining footprint and deliver exceptional performance for our future growth. We look forward to To strengthen our business relationship with more purchase orders in the near future.”

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