Bitcoin Mining Profits Experienced Substantial Increase in April: Report


Bitcoin Mining Profits Experienced Substantial Increase in April: Report
Contents

Cryptocurrency mining was considered to be dead, but April proved everyone wrong. Last months, miners have managed to rake more in more than $291 mln, according to the latest Diar issue.  

Bitcoin miners witness a huge growth in mining revenue
Bitcoin miners raked in almost $300 mln in April, image by Diar


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Best Cryptocurrency for Mining in 2019 - Updated

A dead cat bounce   

The aforementioned figure marks a $100 mln increase compared to February when Bitcoin mining reached its lowest point. Overall, this is the richest miners have been since October 2018 before the crypto carnage that took place in December and resulted in Bitcoin hitting its rock bottom.

The mining uptick is inextricably linked to Bitcoin’s stellar rally in April. On Apr. 2, the price of the BTC price spiked by 20 percent. The king of crypto, despite a few bumps in the road, has managed to maintain its momentum, currently aiming for $6,000.

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Make Bitcoin mining great again

Notably, Bitcoin also reached its highest level of usage since December 2017, which reflects the number of Bitcoin transactions. Traders were tempted to earn more because of volatile price swings. However, another report by Dephi Digital showed that the lion’s share of investors was in full hodl mode this April.  
  
While Bitcoin remains the best-performing asset of 2019 with its price increasing by more than 56 percent YTD, the network fees are also rising. If the network activity reaches the level of madness that was recorded during the bull run in 2017, the fees will rise by more than 300 percent, Diar has estimated.

Cover image via u.today
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‘GlobalCoin’ Faces Harsh Criticism from Bloomberg Columnist

  • Alex Morris
    📰 News

    Regulators and politicians will🔜 most likely put the 🔧spanner in the works for Zuckerberg’s plan to roll out his 😳own cryptocurrency


‘GlobalCoin’ Faces Harsh Criticism from Bloomberg Columnist
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Bloomberg, the major financial media outlet, didn’t take lightly Facebook’s new plan to launch its own cryptocurrency. In its recent op-ed that was written by Lionel Laurent, the company’s omnipotent CEO Mark Zuckerberg was compared to Dr. Evil.

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Zuckerberg’s empire

Facebook is already one of the most valuable companies in the world. The social media behemoth controls such popular applications as Instagram and Whatsapp (both have more than 1 bln monthly users).

By venturing into crypto, Zuckerberg, who controls 60 percent of Facebook’s shares, wants to extend his empire even further. As reported by U.Today, its coin will be launched in a dozen of countries to make payments in Q1 2020.

This is the kind of move that would turn Facebook from an incredibly powerful centralized network tracking its users’ behavior for the benefit of advertisers into one that also knows where and how they spend their money,” the article states.

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Regulatory roadblocks

Ahead of an official announcement, Facebook is currently fighting tooth and nail to solve regulatory issues.

Zuckerberg even had talks with the Winklevoss twins, his long-term rivals who are spearheading the controversial “Crypto Needs Rules” campaign.

However, even if Facebook undoubtedly tries to sugarcoat its project as trustworthy, it will have a hard time getting green-lighted by regulators and politicians.

Even though there was no official announcement, the coin already ruffled some feathers at the US Congress hearing. Lawmakers were concerned about potential privacy issues after multiple data scandals tainted Facebook’s reputation.

Cover image via u.today
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