Bitcoin Miners Are Now Making $33 Million a Day

decrypt.co 2021-01-08 15:00
Reading time: ~2 m

Bitcoin mining revenue is at $33 million per day, according to Glassnode CTO Rafael Schultze-Kraft—a figure that hasn't been seen since 2017.

Bitcoin mining revenue tracks the total revenue generated by Bitcoin miners. At $33 million per day, the rate has increased to a point that has only been beaten for a total of five days during Bitcoin’s famous 2017 bull run in December 2017. The increase also represents a major spike 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.

Chart: https://t.co/Z9u9dMK1vx pic.twitter.com/a894cKT07k

— Rafael Schultze-Kraft (@n3ocortex) January 6, 2021

On December 16, 2020, the total Bitcoin mining revenue was at $17 million, which means the total revenue has increased by over 90% since Christmas and the start of the new year. 

This spike however, is not unprecedented. On December 18, 2017, the total Bitcoin mining revenue hit just under $50 million. This spike was achieved just one month after revenue figures were only around $17 million.

Coinciding with the infamous price crash that followed the 2017 Christmas bull run, total Bitcoin mining revenue fell to $16 million by mid-February 2018. Might that happen again?


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