Bitcoin Mining Reward Generation Reverses 2018 Lows as 2019 Gets Closer To New Year Highs
Bitcoin (BTC) and the price increase that it experienced during the last months has helped miners to improve their revenue. According to data provided by Blockchain.com, Bitcoin miners have reached the highest value in almost a year. If Bitcoin’s price continues moving up, miners are expected to increase their revenue as well.
Bitcoin Miners Register Improved Revenue
According to data provided by Blockchain.com, miner’s income has reached $17.9 million every day. The combined value of block rewards and the transaction fees that are paid to miners has reached almost $18 million. This is the highest value since July 2018 when miners received $18.6 million.
This increase in revenue is related to the price action that Bitcoin experienced in the last few months. Mining revenue increased since December 2018, when Bitcoin bottomed. At that time, mining revenue reached $4.75 million per day, the lowest point since July 19, 2017.
In December 2018, Bitcoin price dropped to $3,200, the lowest point in over a year. After it, Bitcoin started to grow once again, allowing the market to change the sentiment and be very bullish about the future of the virtual currency.
Apparently, the bear market that affected the digital currency during 2018 and the beginning of 2019 is already over and Bitcoin and other digital assets are ready to start moving up again. According to the cryptocurrency analyst on Twitter PlanB, Bitcoin is currently entering a similar phase as it experienced back in 2017 when it entered a bull market that lasted an entire year.
— PlanB (@100trillionUSD) May 21, 2019
At the time of writing this article, Bitcoin was able to surpass $8,000 once again after falling under that price level for a few days. The digital currency has a market capitalization of $142 billion.