Bitcoin Mining Revenue Surged 4.5x Compared to A 3.5x Jump in BTC Price
With BTC blowing past its previous ATH and ETH skyrocketing as well, no surprise “mining revenue is booming.”
Bitcoin mining revenue has exploded over the past three months.
In mid-October, when the price of Bitcoin was around $11,500, the mining profitability for 1 THash/s was at $0.063.
Moving in line with the spike in the BTC price, which has surpassed $41,000 (currently working towards $42k BTC -7.87% Bitcoin / USD BTCUSD $ 34,267.34
-$2,696.84-7.87% Volume 57.87 b Change -$2,696.84 Open $34,267.34 Circulating 18.6 m Market Cap 637.46 b 18 h Kraken Halts XRP Trading; DOT Replaces the Digital Asset as 4th Largest Crypto Asset 19 h Bitcoin Is Weathering A Lot of FUD This Week; What’s the Market Saying? 1 d Bitcoin Donations Made to Those Involved in Capitol Riot a Month Prior: Chainalysis Report ), the mining profitability went up to reach the current level of $0.281 (over 760 sats), as per Bitinfocharts. This level was last seen in early August 2019.
In these past three months, while the BTC price surged 3.5x, the mining profitability has increased nearly 4.5x.
“With BTC blowing past its previous all-time high and ETH skyrocketing, it’s no surprise that mining revenue is booming, too,” noted one of the biggest Bitcoin mining pools, F2Pool.
In the current bullish market, miners have been deploying more and more resources to mine as much BTC as they can. This has the hash rate of the network reaching a new peak of 161.158 Th/s on Dec. 30.
But with difficulty near the ATH as well, the competition in the market is strong. As we reported, miners have been expanding their mining operations to increase their hash rate capacity and profitability.
This surge in Bitcoin mining machine demand has Bitmin’s stock all sold out until August, this year and the price of its S19 model has about doubled.
While there are only 900 BTC to be captured daily, half of what has been before May 2020, miners also see a jump in revenue thanks to the extremely high average fees, which have risen to $11.5, leveling up with Ethereum’s average fees at $11.7.
The same as Bitcoin, Ethereum mining revenue has reached 76000 gwei ($0.084) per day per MH, while its price at $1,250 is fast approaching $1,420 ATH.