Bitcoin mining has reached record profitability – at the moment, miners earn about $52.3 million a day. This is due to the increase in the price of BTC and transaction fees.
According to Glassnode, this week, the revenue of bitcoin miners reached a new record high of $52.3 million per day. According to the company’s analysts, this is good for the network. In its weekly newsletter, Glassnode notes that this figure ” instills confidence in the continued security of the Bitcoin protocol.”
Miners receive a block reward of 6.25 BTC (about $347,477) and commissions paid by BTC users for conducting transactions. The block reward is halved every four years. The previous halving of Bitcoin took place in May 2020. As noted by Glassnode, despite the halving of the reward last year, miners continue to receive high profits.
First of all, this is due to the increase in the price of BTC. Now the cryptocurrency is trading just above $56,000, and last weekend the price of bitcoin reached $61,000. Online transaction fees are also rising. The cost of sending BTC has increased as more people want to use the network, meaning that miners can earn more money for their work.
Glassnode notes that ” online transaction fees paid in connection with exchange activity are also an interesting metric for tracking market movements and priorities.” Now 30% of the commissions come from cryptocurrency exchanges.
Recall that last month was extremely successful for both bitcoin and ether miners – both categories received record profits, and the profit for the extraction of ETH for the first time in history exceeded $1 billion.