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

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

According to The Block Research, Bitcoin miners earned more than $15 Billion in revenues over 2021. The estimate represents a year-over-year increase of 206%, per The Block Research’s 2022 Digital Asset Outlook Report. The estimate assumes that miners sell the accrued digital assets they have to purchase electricity and other resources. However, some miners keep some of the coins that they mine. The estimate also stated that mining revenues peaked in March when miners earned $1.75 Billion, $167 M in transaction fees. Soaring bitcoin prices, which reached an all time high in November, helped to boost the mining revenue. The report added that: “2021 was a record-breaking year for cryptocurrencies, with many, including bitcoin and ether, reaching new market price highs. After crossing $1 trillion in January, and 2 trillion in May, the total cryptocurrency market capitalization reached $3 trillion by 2021. , the clear market leader in terms of total market value, broke its previous all-time high and nearly 100% in 2021 while adding roughly $545 billion to its market capitalization — versus Gold: -2.5%, S&P500: 26%, andNasdaq: 31% in the same time period. Bitcoin reached $69,000 in November for its highest annual high, an increase of more than 140% from the previous year. Notably all cryptocurrencies in the top 10 by market capitalization, except stablecoins had positive returns. Moreover, most cryptocurrencies in the top ten outperformed bitcoin with wide margins — including ether, even more than the previous year. The following are news stocks that are active today: China Xiangtai Food Co. Ltd. (NASDAQ: PLIN), Hut8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Canaan Inc. (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (NASDAQ: NASDAQ:) (TSXV: HIVE).

Year-to-date, bitcoin’s dominance (bitcoin market value/total digital asset market value; figure 3) has declined from 70% to 43% at the time of writing this report — with a temporary low of 40% in May. The growth of Layer 1, protocols and tokens has significantly contributed to this decline in dominance. In 2021, the total adjusted onchain volume (on public blockchain), which serves as an economic proxy, reached $7.5 trillion. That’s a 4435% increase over the previous year. Overall, Bitcoin’s on-chain volume increased by 317% year-on-year (from $1 trillion in 2020 to $4.2 trillion in 2021), while Ethereum’s on-chain volume increased by 729% year-on-year (from $403 billion to $3.3 trillion).

China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) BREAKING NEWSChina Xiangtai Food Co., Ltd. will purchase 686 spot Bitcoin miners at a Total Hashrate of 63,000 TH/sChina Xiangtai Food (the “Company” or the “PLIN”), an emerging growth company engaged in agricultural business with a diversified expansion strategy, today announced that the Company, through its U.S. subsidiary SonicHash LLC, has entered into a purchase agreement (the “Agreement”) with a global Bitcoin mining hardware company to purchase 686 spot Bitcoin miners that are worth US$6 million. The top-tier newly manufactured miner with a hash rate of 92 TH/s are expected to ramp up the hash rate of the Company’s miner fleet by over 63,000 TH/s.

According to the Agreement, the newly purchased miners are expected to be delivered in two to three weeks to the Company’s mining facility site in Carthage, NY by the end of January 2022. As a result, the Company’s total mining operations are expected to consist of 1,428 Bitcoin miners, producing approximately 132.2 PH/s once all miners are put in full operation. The Company expects to generate approximately US$11 million in revenue and US$7.7 million in cash contribution margin for the first year, based upon the Bitcoin’s average price at US$49,628/BTC for the past month.

Erick Rengifo CSO of the Company, stated:

Spot purchase agreements have helped us secure more miners than our peers. This is a strategic decision that will allow us to diversify our mining access and create new channels in our procurement strategy. The new miners we purchased would allow us to rapidly expand our mining operations and provide exceptional performance for future growth. We are looking forward to strengthening business relations with further purchase orders.

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