Bitcoin miners are presently earning incredible wages. Such outrageous earnings were revealed by Glassnode, an advanced crypto analytic firm, which stated that Bitcoin miners are currently earning $4,000,000 per hour.
“Bitcoin miners just made over $4 million in a single hour – the highest hourly miner revenue in Bitcoin’s history so far.”
#BTC miners just made over $4 million in a single hour – the highest hourly miner revenue in Bitcoin's history so far.
— glassnode (@glassnode) February 11, 2021
Regardless of the amount of Bitcoin miners, it usually takes some minutes to mine one Bitcoin. In some cases, it’s reported to take about 600 seconds (10 minutes); all else being equal it will take 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin using the average power usage provided by ASIC miners.
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. They 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.
What you should know
- Recall Nairametrics some time 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 that 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.
- 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 $48,745 and rose by 27% in the past seven days.