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Is It Possible to Earn $1 Million Per Hour?

Bitcoin miners are also rolling on the money! They are earning $1M every hour!

This is an increase in revenue of 185% ever since the halving of the Bitcoin, according to Glassnode, about Bitcoin’s big-day last May when the network cut the number of Bitcoin that miners get for processing transactions on the blockchain in half, cramping the supply of new Bitcoin.

Glassnode emphasized that the latest big number is even more impressive seeing that in July 2019, “block rewards were twice as high than today.”

Bitcoin miners earn fees from processing transactions. They execute this by solving complex computational puzzles on the blockchain. The supercomputers beat the rest to the punch, meaning that miners have to be more powerful than ever to compete.

Miners can earn more money when there is more activity on the Bitcoin blockchain. People are buying more Bitcoin because of this year’s Bull Run, which has blipped on an additional $17,000 to its price tag since the beginning of October.

BTC miners are making more money right now because there is more demand for processing transactions. They earn bitcoin from every block that they verify, and also all of the transaction fees are included in every block.

However, they make even more money when demand exceeds supply; the network hikes up fees in times of congestion, which means that Bitcoin miners are powerful enough to earn fees stand to profit.

Since yesterday, the average cost of processing a bitcoin transaction stood at $8.7, according to BitInfoCharts.com.

Glassnode fixed the total revenue of Bitcoin miners to date at $13.8B. It is a big business. Yesterday, the stock prices of companies that operate and produce Bitcoin mining computers roared.Shares in Bitcoin mining company HOVE Blockchain Technologies rose by 27% yesterday. Riot Blockchain’s stocks increased by 22%, and shares in Marathon Patent Group soared by 12%.

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