Bitcoin miners are super-rich, earn $1,000,000 per hour

Bitcoin miners are presently earning outrageous wages.

What you must know: Such incredible earnings were revealed by Glassnode, an advanced crypto analytic firm showing Bitcoin miners are currently earning $1,000,000 per hour. This is an increase of 185% since the halving.

The last time miner revenue was this high, was in July 2019. Note that block rewards were twice as high as today.

Metric Description: The total miner revenue (USD Value), i.e. fees plus newly minted coins.

READ: Bitcoin Mining just got harder, as mining difficulty reaches an all-time high

#Bitcoin miners are currently earning $1,000,000 per hour.

This is an increase of 185% since the halving.

The last time miner revenue was this high, was in July 2019. Note that block rewards were twice as high than today.

Chart 👉 https://t.co/Yc8ufHv23I pic.twitter.com/oaCUPkDEZN

— glassnode (@glassnode) December 28, 2020

READ: Ethereum Miners earn a staggering $1 million in 1 hour

What this means: Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.

BTC miners who successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.
This confirmation process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.

READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy

Recall Nairametrics about a week ago broke the news on the average cost of completing a transaction at the world’s flagship crypto(Bitcoin) market skyrocket again.

Data retrieved from BitInfoCharts revealed Bitcoin’s average transaction cost had risen to $12, printing the highest price level since November 5, when Bitcoin had just started its bull run.

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At last week’s trading session, the average cost of sending a Bitcoin transaction was valued at just $2.7. That marks an increase of 344% in less than a week.
The surge in transaction fees is coming at the incredible bullish gains prevailing effect, in which Bitcoin’s price reached a new all-time high of $24,084 and rose by 30% in the past seven days.