Recently China’s Crackdown On Bitcoin resulted in loss for Mining businesses for many people but there are many people who are taking advantage of it.
In June, China announced their crackdown on Cryptocurrency mining ban and further after few days crypto trading ban resulted into a big crash in the Cryptocurrency market.
There was a situation for most of the people who were involved only in the mining activities and their earnings were totally dependent on Cryptocurrency.
Since few big mining firms moved from China to Kazakhstan, North America, Canada like countries where mining conditions like cost of Electricity, legality and environment is favourable.
Since there was a huge loss for those who left the Cryptocurrency mining business. But here is one thing that we can see, miners who are right now involved in mining specially Bitcoin are making better profit than earlier.
As all of us know very well, the price of bitcoin dropped already before the crackdown on mining ban and also it recovered back suddenly to its base price ($30,000).
Due to a halt in the activities of mining, hash rates dropped by 28% which is a clear indication that mining difficulty of Bitcoin has also dropped.
Now the same miner who was mining bitcoin before China’s ban on mining, is now making more bitcoin than earlier.
Kevin Jhang calculated and estimated mining profit through his simple idea.
According to him the latest miner of Bitmain ( Bitmain S19 pro) which was making $22 per day is now making $29 per day. ( Don’t include the change in cost of mining).
Further he added, Earnings of miners are fully dependent on the price of top Cryptocurrencies in the market. But still even with such a big crash there is a drop in the profit by 17%.