Bitcoin Miners Earn Over $1 Million per Hour — Revenue Increases 185% Since the 2020 Halving
Bitcoin miners have been yielding a very profitable year in monthly revenues, as the latest onchain data shows significant figures at its highest levels since 2019.
Hourly Bitcoin Mining Revenues Hits 2019 Highs
According to Glassnode, BTC miners are currently earning $1 million per hour, meaning an increase of 185% since the halving happened in mid-May when the bitcoin network cut the number of BTC that miners earn for processing transactions in half.
The last time miner’s revenue was hovering around such highs was in July 2019, stated Glassnode, adding that “block rewards were twice as high than today.”
The figures are impressive but not surprising at all, considering that 2020 has been characterized by a pandemic that hit the world and, consequently, the markets.
However, the recent crypto bull-run, especially with bitcoin skyrocketing to all-time highs above the $28,000 threshold, helps increase the activity on the Bitcoin blockchain, which is something that miners take advantage of.
Overall, Glassnode estimates BTC miners’ total revenue stands at $13 billion, making it a heavy-weight industry within the crypto sphere and an attractive one for businesses looking to invest in the crypto mining industry.
Latest Developments in the Crypto Mining Industry
On December 16, 2020, news.Bitcoin.com reported that the latest generation mining rigs’ prices have gone up 35% since the beginning of November. The observed price increase comes as Bitmain and Microbt are reportedly sold out until May 2021.
Recently, Nevada-based company Cleanspark Inc. announced the U.S.-based bitcoin miner ATL Data Centers’ acquisition in a $19.4 million deal that is expected to be completely settled in shares.
As of press time, according to Bitinfocharts data, bitcoin average transaction fee remains at $8.7, still off from the highs reached on October 31, 2020, at $13.15. Fees increase when there is congestion on the network. Moreover, the stock prices of crypto mining-related companies started the last week of 2020 by posting gains, such as Hive Blockchain Technologies and Riot Blockchain.
What are your thoughts on the current status of the bitcoin mining business? Let us know in the comments section below.
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