Bitcoin Miners Earn Over $1 Million per Hour — Revenue Increases 185% Since the 2020 Halving

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Bitcoin miners have had a very profitable year on monthly earnings as the latest onchain data shows significant numbers at their highest level since 2019.

Hourly bitcoin mining revenues hit 2019 highs

According to Glassnode, BTC miners are currently making $ 1 million an hour, up 185% since it was halved in mid-May when the Bitcoin network halved the number of BTC miners earn for processing transactions.

The last time miners’ earnings hovered around such highs was in July 2019, Glassnode said, adding that “block rewards were twice what they are today.”

The numbers are impressive, but not at all surprising when you consider that 2020 was marked by a pandemic that hit the world and, consequently, the markets.

However, the recent crypto bull run, especially if Bitcoin explodes to an all-time high above the $ 28,000 threshold, is helping to increase activity on the Bitcoin blockchain, which is what miners are taking advantage of.

Overall, Glassnode estimates the total turnover of BTC miners at $ 13 billion. This makes them a heavyweight industry in the crypto space and an attractive industry for companies 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 mining equipment have increased 35% since early November. The observed price spike is due to the fact that Bitmain and Microbt are reportedly sold out by May 2021.

Recently, Nevada-based Cleanspark Inc. announced the acquisition of US-based bitcoin miner ATL Data Center, valued at $ 19.4 million, which is expected to be fully liquidated in shares.

According to Bitinfocharts, the average transaction fee for Bitcoin at press time is still at $ 8.7, still below the October 31, 2020 high of $ 13.15. Charges increase when the network is congested. In addition, the share prices of companies involved in crypto mining started growing in the last week of 2020, such as Hive Blockchain Technologies and Riot Blockchain.

What do you think of the current state of the Bitcoin mining business? Let us know in the comments below.

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