Bitcoin miners are delivering a very lucrative year in monthly revenue as the latest onchain data shows significant figures at the highest levels since 2019.
Hourly Bitcoin Mining Revenue Hits 2019 Highs
According to Glass knot, BTC miners are currently earning $ 1 million per hour, which means a 185% increase since halving in mid-May when the bitcoin network halved the number of BTC miners earn for processing transactions.
Glassnode last soared in July 2019 with such highs, Glassnode says, adding that “block rewards were twice as high as they are today.”
The figures are impressive, but not at all surprising, as 2020 is marked by a pandemic hitting the world and consequently the markets.
However, the recent crypto-bull run, especially with bitcoin soaring to overall highs above the $ 28,000 threshold, is helping to increase activity on the Bitcoin blockchain, something miners are taking advantage of.
In general, Glassnode estimates that the total revenue of BTC miners is $ 13 billion, making it a heavyweight industry in the crypto-sphere and attractive to 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 prices of the latest generation of mining boards had risen by 35% since the beginning of November. The observed price increase comes as Bitmain and Microbt are reportedly sold out by May 2021.
Recently, Nevada-based company Cleanspark Inc. acquired the US bitcoin miner ATL Data Centers in a $ 19.4 million deal that is expected to be settled in full.
According to press data, the average bitcoin transaction fee according to Bitinfocharts data remains $ 8.7, still down from the highs reached at $ 13.15 on October 31, 2020. Fees increase if there is congestion in the network. In addition, the share prices of crypto-mining-related companies started the last week of 2020 by posting profits, such as Hive Blockchain Technologies and Riot Blockchain.
What are your thoughts on the current status of the bitcoin mining industry? Let us know in the comments below.
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