After many institutions offer Bitcoin the mainstream node, the price of the commodity has risen to new highs of more than $49,000 recently. At press time, BTC was trading at $47,817 and was up by 0.1 per cent in the last hour. Along with the asset’s price rally, the miners of Bitcoin seemed to have received substantial rewards. Last week, crypto analytics company Glassnode found that miners received $4 million in a single hour, the highest hourly mining revenue reported in “Bitcoin’s history so far.”
According to data from YCharts, as of 14 February 2021, Bitcoin Miners’ Revenue per day amounted to 17.73 million, which was registered a year earlier. This is a 199.2 percent improvement from last year. The following picture shows the rise in mining revenue in the last seven days alone.
Source: YCharts
Over the week, data from CoinMetrics showed that Bitcoin miners produced a record $354.4 million in weekly revenue. Earlier, mining companies raised $1.1 billion in sales in January, an increase of 62 per cent from the previous estimates estimated in December 2020.
With regard to the rise in mining profits, the co-founder of the mining company Luxor Technology, Ethan Vera, explained the reasons behind the increase in revenues. He said in a study that January and February this year have been “record months” for most Bitcoin miners and that they are “unbelievably bullish” about the future of the mining industry.
According to Vera, Bitcoin miners are apparently “taking all of their profits and reinvesting it.” In order to “grow future hashrate,” miners are using a rise in profits to bring it back into their company.
134 Interactions, 2 today
Canadian miner Bitfarms is expected to purchase 48,000 new miners from MicroBT in order to raise the hashing power by Read more
China has been at the forefront of creating the digital yuan or DECP [Digital Currency Electronic Payment], but has stayed Read more
Miner trading flows signaled shifts in the price rally of Bitcoin in the current market cycle and the recent bull Read more
The narrative of a bear-led correction is always around, even during the headiest of bull runs. A similar situation is Read more