Coin Metrics: Bitcoin Miners All-Time Revenue Tops $14 Billion
According to fresh data released by Coin Metrics, the all-time revenue generated by Bitcoin Miners has topped $14 billion.
Yahoo Finance had reported on 30th August that despite the network increasing its hash rate by a large percentage, miners are still in a position to make tons of money. For those not in the know, increasing the hash rate in a network reduces the profit made by miners.
BTC Miner Revenue Continue To Grow At An Exponential Rate
The report from Yahoo notes that after the inception of the BTC network, it took the miners a total of 8 years to surpass the $5 billion mark. It, however, notes that the next $5 billion was mined at a faster rate as it only took 8 months for the miners to break their all-time revenue and top $10 billion.
What these mining statistics mean is that if the current mining profitability is to remain on track, then chances are that miners will top the $20 billion revenue mark by the start of next year (2020). The current mark of $14 billion is the most impressive taken into account that the hash rate has recently been on a massive tear. It is a tear that has seen it break some past records in the last few months.