Bitcoin miners have seen a jump in their total income over the past few weeks amid an increase in revenue from block rewards. According to Glassnode, bitcoin mining revenue jumped above $40 million a day in October, up +275% since the pre-halving period from $14 million to $18 million a day.
Since the halving occurred in 2020, the total bitcoin mining revenue has increased sharply. One of the main reasons behind this is the significant BTC price rally since the halving event. Bitcoin is up more than 500% since May 2020.
After the ban on crypto mining in China, the total hash rate fell by more than 50% in a few days. However, the mining rate saw a strong recovery in August and September 2021. Now, the mining rate is approaching an all-time high.
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“Remember that bitcoin miners have CAPEX (hardware, utilities, logistics) and OPEX (energy, personnel, maintenance, etc.) costs that are determined in fiat currencies. Comparing the current total mining income of $40 million per day to the revenue observed Around the 2020 halving event, we can see that mining revenue is up 275% from the pre-halving period of $14M to $18M per day and +630% compared to the post-halving period from $6M to $8M Per day “.
Bitcoin mining
BTC mining revenue and hash rate are key indicators of the overall health of the Bitcoin network. In addition to these two, the entity-adjusted total Bitcoin transaction volume has also increased in the past few days. Bitcoin mining activity and its powerful network have played an important role in the recent upward trend of the world’s most valuable digital currency.
“The 2018-2019 mining recovery took a total of 164 days to completely reverse the bearish difficulty bar signal. The current market has been in a 120-day recovery and is likely to complete the reversal after the next upward difficulty adjustment. Despite massive shifts in the mining market, multiple deep price corrections With the halving taking place in May 2020, the value of the Bitcoin block reward continues to rise, creating incentives for the market to adapt, innovate, and recover. Truly incredible,” the report stated.