According to Glassnode, Bitcoin miners are currently making $ 1 million per hour. This means a 185% increase since the halving in mid-May, when the BTC network halved the number of BTC miners earn to process their transactions.
Bitcoin miners earn $ 1 million per hour
According to the statement made by Glassnode, mandie income was at such high levels in July 2019 and block rewards were twice as high as today.
The numbers are impressive, but not surprising given that 2020 was characterized by a pandemic that hit the world and therefore the markets.
However, the recent crypto bull run, especially with Bitcoin climbing to all-time highs above the $ 28,000 threshold, is helping to increase activity on the BTC blockchain that miners benefit from.
A huge industry
Overall, Glassnode estimates the total revenue of BTC miners to be $ 13 billion, making it a heavy industry in the crypto space. This is also attractive to businesses looking to invest in the crypto mining industry.
According to Bitinfocharts data, the Bitcoin average transaction fee is currently at $ 8.7, falling from the highest reached on October 31, 2020 at $ 13.15. Fees increase when there is a congestion in the network.