Bitcoin Mining Revenues Cross $40 Million per Day Level

bitcoins mining concept rendering scaled

The mining rate has recovered substantially since July 2021.

Bitcoin miners have seen a jump in their overall income in the last few weeks amid a surge in revenue from block rewards. According to Glassnode, Bitcoin mining revenue jumped above the $40 million/day level in October, which is up by +275% since the pre-halving period of $14M to $18M/day.

Since the halving event in 2020, the overall Bitcoin mining revenue has increased sharply. One of the major reasons behind that is BTC’s significant price rally since the halving event. Bitcoin is up by more than 500% since May 2020.

After China’s crypto mining ban, the overall hash rate dropped by more than 50% within a few days. However, the mining rate saw a strong recovery in August and September 2021. Now, the mining rate is near its highest level on record.

“Remember, Bitcoin miners have CAPEX (hardware, facilities, logistics) and OPEX (power, personnel, maintenance, etc) costs that are denominated in fiat currencies. Comparing the current aggregate mining income of $40M per day to revenues observed around the 2020 halving event, we can see that miner revenues are up 275% from the pre-halving period of $14M to $18M/day and +630% compared to the post-halving period of $6M to $8M/day,” Glassnode highlighted.

Bitcoin Mining

BTC mining revenues and hash rate are key indicators of the overall health of the Bitcoin network. In addition to these two, the overall Bitcoin entity-adjusted transaction volume spiked in the last few days. Bitcoin’s mining activity and its strong network played an important role in the recent bullish sentiment in the world’s most valuable digital currency.

“The 2018-19 mining recovery took a total of 164-days to completely reverse the bearish difficulty ribbon signal. The current market has been in recovery for 120-days and is likely to complete the flip after the next upwards difficulty adjustment. Despite dramatic shifts in the mining market, multiple deep price corrections and a halving event in May 2020, the Bitcoin block reward value continues to rise, creating incentives for the market to adapt, innovate and recover. Quite incredible really,” the report mentioned.

Source Link

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 68,589.38
ethereum
Ethereum (ETH) $ 3,781.71
tether
Tether (USDT) $ 0.999832
bnb
BNB (BNB) $ 597.27
solana
Solana (SOL) $ 168.92
staked-ether
Lido Staked Ether (STETH) $ 3,781.04
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.524950
dogecoin
Dogecoin (DOGE) $ 0.163097
cardano
Cardano (ADA) $ 0.450788
the-open-network
Toncoin (TON) $ 6.51
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 36.85
chainlink
Chainlink (LINK) $ 18.39
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,526.36
tron
TRON (TRX) $ 0.111869
polkadot
Polkadot (DOT) $ 7.08
bitcoin-cash
Bitcoin Cash (BCH) $ 469.37
uniswap
Uniswap (UNI) $ 10.94
near
NEAR Protocol (NEAR) $ 7.44
matic-network
Polygon (MATIC) $ 0.705561
litecoin
Litecoin (LTC) $ 85.40
pepe
Pepe (PEPE) $ 0.000014
internet-computer
Internet Computer (ICP) $ 12.25
fetch-ai
Fetch.ai (FET) $ 2.25
leo-token
LEO Token (LEO) $ 5.97
dai
Dai (DAI) $ 1.00
wrapped-eeth
Wrapped eETH (WEETH) $ 3,930.97
ethereum-classic
Ethereum Classic (ETC) $ 30.22
aptos
Aptos (APT) $ 9.35
render-token
Render (RNDR) $ 10.21
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,730.84
hedera-hashgraph
Hedera (HBAR) $ 0.102120
dogwifcoin
dogwifhat (WIF) $ 3.47
cosmos
Cosmos Hub (ATOM) $ 8.61
arbitrum
Arbitrum (ARB) $ 1.15
kaspa
Kaspa (KAS) $ 0.139356
mantle
Mantle (MNT) $ 1.01
immutable-x
Immutable (IMX) $ 2.22
filecoin
Filecoin (FIL) $ 5.87
crypto-com-chain
Cronos (CRO) $ 0.117469
stellar
Stellar (XLM) $ 0.106732
ethena-usde
Ethena USDe (USDE) $ 1.00
the-graph
The Graph (GRT) $ 0.310452
first-digital-usd
First Digital USD (FDUSD) $ 0.999987
blockstack
Stacks (STX) $ 1.98
arweave
Arweave (AR) $ 43.49
bittensor
Bittensor (TAO) $ 407.17
okb
OKB (OKB) $ 45.76
optimism
Optimism (OP) $ 2.50