According to the statement made by Glassnode CTO Rafael Schultze-Kraft, Bitcoin mining revenue reached a number not seen since 2017.
Bitcoin mining revenue at 2017 level
Bitcoin mining revenue refers to the total revenue generated by BTC miners. This number, which is $ 33 million a day, rose to a point reached during Bitcoin’s famous 2017 bull run in December 2017 for just five days in total. The increase also represents a large increase in revenue since Christmas.
“Bitcoin miners are happy,” tweeted Glassnode CTO Rafael Schultze-Kraft.
#Bitcoin miners be happy.
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.
— Rafael Schultze-Kraft (@n3ocortex) January 6, 2021
90 percent up
On December 16, 2020, the total BTC mining revenue was $ 17 million, which means total revenue has increased by over 90% since Christmas and the start of the new year.
However, this increase is not unprecedented. On December 18, 2017, the total Bitcoin mining revenue was just under $ 50 million. This increase came only one month after revenues were around $ 17 million.
Coinciding with the infamous price drop following the 2017 Christmas bull run, total Bitcoin mining revenue fell to $ 16 million by mid-February 2018.