In December 2020 the miners earned US$ 692 million
The Bitcoin miners are making US$ 33 million per day, approximately R$ 174 million in conversion.
The information was released by the CEO of Glassnode, Rafael Schultze-Kraft, who even joked with the situation saying: „miners, be happy“.
The profits with mining are increasing since October and surpasses even the results obtained before the last halving occurred in May 2020.
At that time mining yielded 12.5 Crypto Bull per block mined, after halving the reward was cut in half and now is „only“ 6.25 bitcoins.
Even with lower rewards the profits have increased, as today the digital currency is worth 3 times more, with Bitcoin being traded above US$ 36 thousand.
In addition, the current rally has also increased the amount of transactions on the network, and as miners also earn to confirm transactions, the more, the better.
„Miners, be happy. Current revenue: US$ 33 million/day. Between the last halving and October, the average daily revenue was around US$ 10 million. It was only in the 5 weeks at the end of 2017 that this number was so high“.
According to Glassnode, the miners are earning approximately R$ 5 million per hour, which means an increase of 185% since halving.
In December 2020 the miners earned US$ 692 million. Of the amount, US$ 68.3 million came from transaction fees that users pay every time they send coins over the network.
Transactions with higher priority pay higher fees, as miners process them faster because they receive a higher reward for processing them.
Glassnode estimates that the total revenue of miners in 2020 was $13 billion, making the mining industry attractive to companies looking to invest in the market.
The numbers are impressive, but not surprising, since in 2020 Bitcoin valued over 300%.
For comparison, the year with the highest profitability had been 2018, which saw US$ 5.2 billion in profits for the miners.
Although it is an attractive market, the investment is high, to mine the digital currency ASICs are needed mounted on large mining farms.
Today, mining is dominated by large companies, most of which are located in China. But the industry that generates US$ 33 million per day has attracted new companies.
Recently a giant listed in Nasdaq announced the investment of $ 217 million in the purchase of mining equipment to enter the mining market.
The activity has become very profitable especially if renewable energy is used.
Companies in the US and Europe are beginning to assess the potential benefits of bitcoin mining instead of just buying them.