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Nairametrics
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Home Markets Cryptos

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

Olumide Adesina by Olumide Adesina
December 29, 2020
in Cryptos
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?
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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.

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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.

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.

Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBitcoin MinersBTCCryptocurrencyGlassnode
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 10

  1. Beeigmarn says:
    December 30, 2020 at 9:04 am

    Sir what sites are legal and payable during bitcoin minning?

    Reply
  2. Lawrence Kingsley says:
    December 30, 2020 at 1:18 pm

    I trade with not, does it pay?

    Reply
  3. RAPHEAL says:
    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

    Reply
  4. Mian irfan says:
    December 30, 2020 at 8:09 pm

    How i can do this

    Reply
  5. Vitus says:
    December 30, 2020 at 8:10 pm

    How do I mine bitcoin legit?

    Reply
  6. Christian Osedebamhen Akpukpula says:
    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

    Reply
  7. Blessme says:
    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

    Reply
  8. Anthony Abiodun says:
    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.

    Reply
  9. Akinola 1 says:
    December 31, 2020 at 6:06 am

    I need a legitimate mining website

    Reply
  10. Christian Eretoru says:
    March 26, 2022 at 5:45 am

    I like this site

    Reply

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