11.8 C
Manchester
November 27, 2022
Image default
Bitcoin

Bitcoin miners see their total revenue rise to $ 17.5 billion

Bitcoin miners are having to deal with halved rewards after the halving event

With hashrate close to its historic high, Bitcoin’s all-time mining revenue (known as ‘Thermocap’) exceeded $ 17.5 billion, according to Glassnode data. After exceeding the $ 15 billion mark at the end of 2019, revenue so far has grown by almost 16% this year.

Image by: Glassnode

Bitcoin miner revenue fell 23% in July

Thermocap is a market capitalization alternative that was introduced by CoinMetrics co-founder Nic Carter. It combines the mining resources spent on the network that consist of block rewards and transaction fees.

After cutting 50% of the Bitcoin subsidy to 6.25 BTC per block, the revenue of Bitcoin miners shrunk 23%, to $ 281 million in July. Bitcoin rates, which now fell 85% compared to the May 20 peak of an average of $ 6,647 per transaction, they accounted for just four percent of the sum mentioned above.

Ethereum, on the other hand, recently reached its highest proportion of mining revenue and fees to date (18%).

Bitcoin is about to get harder to mine

Meanwhile, Bitcoin’s hashrate has fully recovered from its 33% drop that occurred after halving in May.

Bitcoin miners see their total revenue rise to $ 17.5 billion 23

Image from: blockchain.com

Bitcoin’s difficulty is expected to increase by four percent in approximately 10 days, which will make it more difficult for miners to generate revenue (unless BTC substantially raises its trading value).

Source: UToday

Related posts

BitMEX has serious legal problems |

Aparnna Hajirnis

WSE President: the euro failed the exam –

Aparnna Hajirnis

Prime Minister: inflation will fall quickly Blocksats

Aparnna Hajirnis

Leave a Comment