The China crackdown on Bitcoin Miners is now proving to be a blessing in disguise. After two months of the issue, surviving mining firms are now minting huge profits from their operations.
The truth is that the incident pushed a lot of miners out of operations. So, the competition reduced, and those still standing are gaining from the situation.
According to the report, the mining revenue has risen by 10%, representing a $4.3 million income. The firms also recorded a 22% increase in transaction fees or $118,000 every day.
A YCharts data reveals that this trend has been ongoing since the crackdown. For instance, the revenue on June 27 was $13 million. However, by August 17, the amount went high to $48 million, showing a difference of $35 million.