Bitcoin miners report a surge in weekly earnings

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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.

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.

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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.

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