As Bitcoin (BTC) continues to break records following its surpassing of the $20K mark last year’s December, the crypto’s network hash rate as well as the mining money associated with it continues to rise.
The latest aggregated data of Blockchain.com states that the current weekly average BTC hash rate now sits at an impressive 148 EH/s (exahashes per second), while Glassnode notes that the network’s monthly hash rate has now also recorded a new high with 136 EH/s as of December 2020.
Say that the current almost-vertical trajectory of BTC price market value persists. Experts expect the hash rate to follow suit as both mirror one another ever since the start of the crypto’s still-ongoing monumental run this past November.
As briefly brushed upon above, BTC’s mining revenue has also notably hit a new high. Rafael Schultze-Kraft, the CTO of Glassnode, states that BTC miners are now hitting over $33 million per day. Although some may have already expected the mining revenue to climb in parallel with the persistent surging of BTC’s price value, none may have predicted the total revenue to skyrocket this much. Since the Christmas season, the total BTC mining revenue increased by more than 90% – from “only” $17 million last December 16 to now $33 million as of press time.
This development is highly reminiscent of the revenue’s unprecedented spike from 2017, wherein it managed to hit just below the $50 million mark. That being said, the spike did not last very long. A meager month following the climb, the revenue figures immediately returned to its then-average $17 million. Only time will tell whether the same would happen today, but for now, BTC miners are happy, as per Schultze-Kraft’s tweet.
#Bitcoin miners be happy.— Rafael Schultze-Kraft (@n3ocortex) January 6, 2021
Current revenue: $33 million / day
Between the last halving and October, the average daily revenue was at around $10M.
And only within 5 weeks in late 2017 has this number been higher.
The mining death spiral at play.
Chart: https://t.co/Z9u9dMK1vx pic.twitter.com/a894cKT07k