Bitcoin miners' daily income plummeted to a five-month low, down more than 90% from mid-September

According to Glassnode data, Bitcoin miners’ income has dropped sharply, currently at a five-month low of 30 BTC per day (about $350,000), a decrease of more than 90% from mid-September. The previous low was on May 26 this year, when Bitcoin miners’ income reached 31.348 BTC/day.

In fact, since the BTC block reward was halved in May, Bitcoin miners' income has dropped by 30%. Since then, Ethereum miners have made a lot of money in the DeFi boom, with their income increasing by 2 times since March this year.

However, in the early stages of the halving and the DeFi boom, Bitcoin miners earned 4 to 5 times more than Ethereum miners in Q1 this year, and the former earned an average of $400 million in the first nine months, while the latter (Ethereum miners) earned only $150 million in total. Based on this, by the end of this year, relevant forecast data shows that Bitcoin and Ethereum miners (assuming that the gas fee remains above 100gwei) will earn $4.6 billion and $2.2 billion respectively.

It is worth noting that in the DeFi craze, Bitcoin holders tokenized their chips to take advantage of the DeFi boom. According to Dune Analytics data, the number of tokenized Bitcoins (WBTC) on Ethereum has exceeded 100,000.

This pushed the total value of Bitcoin locked in DeFi protocols to over $1 billion in October, and the number is currently approaching $1.25 billion.

It should be noted that WBTC is just one of many tokenized Bitcoin assets, other tokens include renBTC, HBTC, sBTC, etc. However, WBTC has the highest issuance volume, accounting for more than 73% of the market. It has now become the third-ranked DeFi product on the defipulse platform, which is enough to indirectly indicate that tokenized Bitcoin has experienced explosive growth in 2020.

In addition, according to Glassnode data, the number of addresses holding more than 100 BTC has been rising, reaching 16,159, a six-month high. The previous high was on June 8 this year, when the number of addresses reached 16,158, close to the current number.

As of press time, Coco Finance shows that BTC is quoted at $11,718, down 0.75% in 24 hours. (Mars Finance)