Bitcoin (BTC) Miners Revive Blocks, but ‘Power Tussle’ Is in Play

Bitcoin mining activities deteriorated since complaints of massive power usage surfaced. Remember, the same energy generation demand triggered new highs in block difficulty. Now, Bitcoin miners appear to recover from the distressing status quo.’s explore channel stated that miners’ goal to calm the storm generated positive results. That’s because the 24hr transaction count per mined block surged after plummeting to the lows of 202,109 on August 28. The metric noted an upsurge to 252,235 on August 29 and climbed to 262,445 during this publication.

Dispersing the Trouble

Besides the transaction uptick, the 24hr average block time improved regardless of the elevated mining difficulty. Also, revealed 533 seconds block time mean per day, following upswings to the 670 seconds high on August 17.

These milestones saw BTC’s cumulative transaction figure hitting 7,779,378, a surge from 7,717,633 (Blockchair data). Though the achievements, Bitcoin miners should still secure a way through various roadblocks. For instance, the capability to generate more electricity as mining interest sees a ‘bullish run.’

Where is the Power?

The latest Bloomberg reports suggest a massive surge in cryptocurrency mining activities. Meanwhile, the jump was evident in the United States and Texas. That means more electricity for miners to satisfy production demands.

Bloomberg’s crypto news section indicated that miners would require up to 33 gigawatts. The numbers might not be surprising, with the cryptocurrency mining business more than doubled within four months (in the city).

Thus, the expanding electricity demand would force miners to resort to different power sources to avoid impacting the city’s electricity grid. Nevertheless, the involvement uptick didn’t trigger upticks in BTC price.

Coinmarketcap data shows the leading crypto traded weakly beyond $20K, exhibiting bearish signs in the past hour. Meanwhile, Glassnode data indicated an uptick in block rewards and miners’ revenue. Block rewards surge to 1012.5 following August 27 dips to 906.5, whereas revenue jumped to 1024.6 BTC.

Bears tightened their teeth in the crypto space, threatening further declines in Bitcoin. The world’s largest crypto might dip beneath the $20,000 mark in the upcoming sessions. Stay around for the latest developments in the crypto space.