Bitcoin miners have yielded a very profitable year in monthly revenues, as the latest onchain data shows significant numbers at their highest levels since 2019.
Hourly bitcoin mining revenues hit 2019 highs
According Glassnode, BTC miners are currently earning $ 1 million an hour, which means a 185% increase since halving in mid-May, when the bitcoin network cut in half the number of BTC miners earn to process transactions .
The last time the mining company’s revenue hovered around such peaks was in July 2019, Glassnode said, adding that “the block rewards were twice as high as today.”
The numbers are impressive, but not surprising, considering that 2020 was characterized by a pandemic that hit the world and, consequently, the markets.
However, the recent cryptocurrency run, especially with bitcoin skyrocketing to historical levels above the $ 28,000 limit, helps to increase activity on the Bitcoin blockchain, which is something that miners take advantage of.
Overall, Glassnode estimates that the total revenue of BTC miners is $ 13 billion, making it a strong crypto-sphere industry and attractive to companies looking to invest in the crypto industry.
Latest developments in the crypto mining industry
On December 16, 2020, news.Bitcoin.com reported that the prices of next-generation mining platforms have risen 35% since the beginning of November. The observed price increase occurs when Bitmain and Microbt are reportedly sold out by May 2021.
Nevada-based Cleanspark Inc. recently announced the acquisition of U.S. bitcoin miner ATL Data Centers in a $ 19.4 million deal that is expected to be fully liquidated in shares.
At the time of this publication, according to Bitinfocharts data, bitcoin’s average transaction fee remains at $ 8.7, still below the highs reached on October 31, 2020, at $ 13.15. Rates increase when there is congestion on the network. In addition, stock prices of companies related to crypto mining started in the last week of 2020 with gains, such as Hive Blockchain Technologies and Riot Blockchain.
What do you think of the current situation in the bitcoin mining business? Let us know in the comments section below.
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