Bitcoin miners are enjoying a sharp rise in revenue as the flagship crypto crossed the $100,000 milestone for the first time in history.
Onchain data shows that Bitcoin miners have earned an average of over $40 million daily through block rewards and transaction fees over the past week.
This marks a stark departure from the past months when miner revenues hovered between $20 million and $30 million, reflecting the asset’s fluctuating prices.
However, November brought renewed optimism, as President-elect Donald Trump’s election victory spurred a sharp rise in Bitcoin’s price, pushing miners’ daily revenues consistently above the $40 million mark. Notably, earnings reached over $50 million at times, highlighting the strong correlation between Bitcoin’s value and mining profitability.
Additionally, the rise in earnings coincides with an increase in Bitcoin’s hashprice, a metric that tracks daily mining income based on computational power. According to the Hashrate Index, the hashprice has recently stabilized around $60, its highest level since June’s peak of $83.
This also marks a recovery from September, where hashprice fell to historic lows below $40.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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