Crypto 101

How Much does BTC Miners Get in a Day?

Bitcoin mining reached a high last seen in 2017, Glassnode CTO Rafael Schultze-Kraft said.

Bitcoin mining revenue is at $33M each day, according to Glassnode CTO Rafael Schultze-kraft – a figure seen just recently.

It is not just Bitcoin traders who have profited from Bitcoin’s bull run this year. Bitcoin miners roll in the money. They earn $1M each; it is the most lucrative stretch since July 2019.

Bitcoin mining revenue tracks the total payment made by Bitcoin miners. At $33M per day, the rate has increased to the point that it has only been beaten for five days in Bitcoin’s famous 2017 bull run last December 2017. The increase also represented a significant spike in revenue since Christmas.

“Bitcoin miners are happy,”

Glassnode CTO Rafael Schultze-Kraft.

Bitcoin miners earn money by processing transactions. It is done by solving tricky computational puzzles on the blockchain. The most powerful computers have beaten the rest to the punch, which means that miners have to be even more potent to battle.

Miners create more money when there is more activity on the Bitcoin blockchain. People buy lots of Bitcoin because of the recent bull run, which whacked on an additional price since October.

Miners make more money right now, for there is more demand for processing the transactions. They earn bitcoin from every verified block and also all of the transaction fees involved in each block.

The total Bitcoin mining revenue last December 16, 2020, was at $17M, which means that the total revenue has increased by over 90% since Christmas and the start of the New Year.

But the rise is unprecedented. Last December 18, 2017, the total Bitcoin mining revenue hit just under $50M. It was achieved a month after revenue figures were only over $17M.

Concurring with the heinous price crash that came after the 2017 Christmas bull run, the total revenue of Bitcoin mining fell to $16M by February 2018. Will it happen again?

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