Bitcoin Mining Revenue Exceeds $14 Billion, To Cross $15B Mark In 2020 Despite Rising Hashrate
New data from Coin Metrics shows that the cumulative Bitcoin mining revenue has broken the $14 billion mark. This shows that despite the rising hashrate, miners are making more money than they have ever made. In August 2018, bitcoin reached the $10 billion mark and by 2020, the overall revenue generated is expected to be around $15 billion.
Now, comparing this to the historical data, Bitcoin mining produced over $2.1 Billion in revenue in 2016. This represents a 37 percent increase, which is slightly higher than the 2014 to 2015 increase but lower than the previous increases.
As the difficulty of the bitcoin network increases, high hash power is needed for a block and as computations increase, chances of successfully hashing a block becomes low. This explains why an increase in hash power is not ideal for miners seeking profits.
Still, the world’s largest mining pools are barely making a profit from mining Bitcoin. Even the largest mining pool operator in the world, Bitmain, will be forced to “swing” the Bitcoin hashrate between countries, averaging out electricity costs and maintaining a sense of profitability across all of its facilities.
Even bitcoin transactions are constantly rising and are on track to make this year the highest in its history. Another measure of network health is hashrate which hit a new all-time. With both network horsepower and transactions constantly rising, the system becomes more secure with growing usage and adoption. It is just a matter of time and the price will only follow as a new bitcoin all-time high is expected soon.