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

Bitcoin miners are currently earning $1,000,000 per hour. This is an increase of 185% since the halving.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

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

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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.

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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.

READ: Gold Mining: FG signs Express of Interest with Luxembourg firm

  • 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.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

9 Comments

9 Comments

  1. Beeigmarn

    December 30, 2020 at 9:04 am

    Sir what sites are legal and payable during bitcoin minning?

  2. Lawrence Kingsley

    December 30, 2020 at 1:18 pm

    I trade with not, does it pay?

  3. RAPHEAL

    December 30, 2020 at 6:57 pm

    Good evening, I need a platform where I can be getting good signals on when to buy or sell in crypto trade or forex trading

  4. Mian irfan

    December 30, 2020 at 8:09 pm

    How i can do this

  5. Vitus

    December 30, 2020 at 8:10 pm

    How do I mine bitcoin legit?

  6. Christian Osedebamhen Akpukpula

    December 30, 2020 at 8:20 pm

    Hello am pastor Christian Osedebamhen I want to know how can I be a part of this mining system

  7. Blessme

    December 30, 2020 at 11:24 pm

    How can one invest in bitcoin, Which platform are reliable. I having being trying to understand how to invest in crypto currency

  8. Anthony Abiodun

    December 31, 2020 at 2:28 am

    Good morning Mr Adesina, have once mailed you on how to get started. Although your enlightenment on bitcoin can grace me through it.

  9. Akinola 1

    December 31, 2020 at 6:06 am

    I need a legitimate mining website

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Cryptocurrency

Ethereum held on Crypto exchanges might run out of supply in 2 days

A crypto expert has released key details on why Ether coins on crypto exchanges could be all gone within 48 hours.

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Ethereum, cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

The amount of Ethers held on Crypto exchanges could go into extinction amid the high buying pressure seen in recent days.

Alex Saunders, a crypto expert, via Twitter, released key details on why Ether coins on Crypto exchanges could be all gone within 48 hours amid high buying pressure.

READ: Crypto: Financial market that never sleeps, or is under any central authority

  • “Crypto Exchanges could be out of Ether within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10 million to 8 million in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range”

READ: Why Ethereum could make you rich

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READ: 5 rules that Dangote has Adopted from The 48 Laws of Power

Ether reserves held on crypto exchanges have not been this low for about two and a half years ago. At press time, just 7% of Ether’s circulating supply is presently held on Crypto exchanges.

Meanwhile, Crypto investors are buying into the world’s acclaimed utility crypto, over owning a stake in Ether amid the boom seen recently in Crypto markets. Although it has not been strange to many crypto experts in the crypto-verse, seeing Ethereum demand at a record high.

READ: Hackers, expose crypto wallets worth $150 million at Kucoin

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Recent data obtained from Glassnode, a crypto analytic firm revealed a number of  Ethereum based addresses holding 0.01+ coins just reached an all-time high of 10,997,708.

The previous all-time high of 10,997,003 was observed earlier today.

Metric description: The number of unique addresses holding at least 0.01 coins. Only Externally Owned Addresses (EOAs) are counted, contracts are excluded.

READ: U.S Central Bank leader says no rush into crypto dollar

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What you should know

  • At the time of drafting this report, Ether traded at $1,219.35 with a daily trading volume of $34.1 billion. Ethereum is up 11.13% for the day. The world’s leading utility has a market value of $139.3 Billion.
  • Breaking the $1,300 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March 2020 following the market carnage that occurred as a result of the ravaging COVID-19 virus.
  • Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.

READ: WhatsApp to share users’ personal information with Facebook

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Cryptocurrency

U.S Central Bank leader says no rush into crypto dollar

Jerome Powell recently spoke on why the U.S central bank had no reason to rush into central bank digital currencies.

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dollar

The world’s most powerful monetary policy chief, Jerome Powell, recently spoke on why the U.S central bank had no reason to rush into central bank digital currencies.

In a YouTube webinar organised by Yahoo Finance and conducted by highly revered economist, Markus Brunnermeier, the U.S Fed Reserve Chairman stated that the US central bank desires to get it right and hence doesn’t feel an urge or need to be the first.

READ: Central banks digital currencies pose a threat against the U.S dollar

“Since we are the world’s reserve currency, we actually think we need to get this right, and we don’t feel an urge or need to be first,” he said. “We effectively already have a first-mover advantage, because we’re the reserve currency.”

Powell also revealed that stablecoins were of high-level priority.

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READ: Crypto usage absolutely certain – Standard Chartered

“We’ve been very focused… on potential regulatory answers for global stablecoins, in particular,” said Powell in response to a question about CBDCs, or central bank digital currencies.

“So that’s been a high-level focus, and that will continue to be a high-level focus because they could become systemically important overnight and we don’t begin to have, you know, our arms around the potential risks and how to manage those risks, and the public will expect we do and has every right to expect that… It’s a very high priority.”

READ: Gold prices up on U.S Central Bank’s will to keep interest rates low

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Recall many months ago, the world’s largest economy considered the use of digital dollars, following slow COVID-19 stimulus payments to its citizens. The U.S Congress recently heard testimonies on the usage of digital dollars to facilitate the U.S’ legacy financial infrastructure.

Just yesterday, America’s Congressional Fintech Task Force examined Federation Accounts and the use of digital dollars in expanding financial reach in the United States.

READ: Naira gains at NAFEX window as CBN squashes early devaluation thoughts

What you need to know about Digital Dollar: The U.S government considered a framework in creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.

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  • The digital dollars would be stored in a distributed database via the internet, on an electronic computer database, within a stored-value card or virtual files.

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Cryptocurrency

Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon

MicroStrategy CEO has disclosed why betting with Bitcoin is much better than investing in leading technology brands.

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BTC Whales, Bitcoin is scarce, entities, individuals hold for long term, How Cryptocurrency-Based Companies Like Patricia are Shaping the Digital Currency Market in Nigeria, How Bitcoin Comes in Handy in Moments of Uncertainty

Michael Saylor, CEO of MicroStrategy, in a recent Youtube interview with Chris Jaszczynski of MMCrypto, revealed why betting with Bitcoin is much better than investing in leading technology brands.

Saylor has been very vocal about Bitcoin and its potentials since his company gained exposure late last year. It is worth stating that MicroStrategy was the first public-listed company to purchase Bitcoin as part of its treasury policy.

READ: $100 billion wiped in crypto market amid profit taking

  • “I’ve invested in everything. I was an early investor in Apple, Facebook, Amazon, Google, OpenTable, eBay, and PayPal. I made huge amounts of money. I made 10x, 20x my money in those things, and let me tell you, none of them looks as good as this looks to me.”

The basis for such bias is based on the record inflows of funds comprising of “cash, debt, equities, [and] commercial real estate indices,” that are expected to shift at one point into Bitcoin.

READ: Bitcoin hits $41,000 and Nigeria’s first micro-investing platform, Trove, adds cryptocurrency trading

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The highly revered Chief Executive Officer of America’s leading business intelligence company further added that $300-$400 trillion could flow into the world’s flagship crypto.

This is nearly 60 times the prediction of $600 billion that was given by the world’s most valuable bank, JP Morgan Chase.

READ: Google, Facebook, Twitter stocks drop, investors ponder if big techs have become too powerful

What you should know

  • MicroStrategy is listed on an American Stock exchange and has deployed about $250 million into Bitcoin in August and then added $175 million a month after.
  • These two investments represented the first and second time a publicly-traded corporation bought Bitcoin for investment purposes.
  • MicroStrategy increased its buying pressure subsequently by investing an additional $50 million and even going as far as to raise $650 million in the debt market.
  • By the end of 2020, MicroStrategy had confirmed it had spent $1.125 billion to purchase 70,470 bitcoin, implying a cost basis of $15,964 per Bitcoin.

READ: Bitcoin jumpstarts strongly, daily trading volume hits $25 billion

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