Bitcoin miners’ monthly revenues surged to $551m

Data provided by Dutch financial services platform, Bankr , showed that between November 9 and December 8, Bitcoin miners collected a total of $551.45 million in revenue, with a daily average of around $18.38 million.

The highest daily figure corresponded with a Bitcoin surge, which saw revenues hit $21.76 million on December 3. Meanwhile, the lowest earnings booked during the period were on November 14, at $15.59 million.

According to Bankr Editor, Justinas Baltrusaitis, “miners earned money by successfully creating the next block of transactions, making both the built-in subsidy as the combined fees paid alongside the transactions included in the block.”

Bitcoin mining fees have risen through 2020, much as they did during the previous crypto spike back in 2017, where the alternative currency hit its all-time high, just short of $20,000. With fees being what they are, and Bitcoin hitting $19,700 in early December, miners’ earnings over the last 30 days have been among the highest in around three years.

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Between institutional investors seeking to obtain holdings in Bitcoin – as a diversification away from fiat currencies – and payment giants like PayPal expressing their support for cryptos, there has been a lot of tangible momentum driving the recent price surge.

Speaking on the Bitcoin mining state of play and outlook, Mr Baltrusaitis added that: “It is worth mentioning that the Bitcoin mining revenue is encouraging, considering that the industry witnessed a decline in profitability over recent years. Small miners made losses as institutional miners built large arrays to mine. The continued growth of large-scale miners, mainly from China, has led to the wiping out of small-scale miners.”

“Analysts continue to project that bitcoin’s current rally is sustainable with the strong possibility of continued upward price movement. In this case, miners are looking at continued revenue growth through the end of 2020. Notably, the current mining revenue figures and hash-rate recovery mirrors well for the bull market’s continuation. Bitcoin proponents continue to predict another all-time high for the asset before the year ends.”

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