Bitcoin Miners Reach Record Highest Earning, $64 Million In One Day
The current Bitcoin (BTC) price rally has earned Bitcoin (BTC) miners record highs in revenue, according to one story published by cryptometric platform Glassnode, published on Monday, miners averaging up to $ 52,3 million daily.
At the same time the chart of the Glassnode platform shows that every day the miners' profits have increased significantly, for example, we can see this March, where on March 3 the miners earned $ 54,6 million, on March 10 they managed to get $ 57,7 million, and almost earned $ 60 million on March 12, from this data it can be concluded, if the income of these miners has increased significantly every day.
And the peak of these miners was on March 14, where they managed to set a record with the highest Bitcoin (BTC) income today is $ 64,7 million, this is one of the best days for these Bitcoin (BTC) miners, total revenue These miners are earned by combining block rewards and transaction fees.
Although getting record highs made these miners happy, according to Checkmate, an analyst at Glassnode, explained to Decrypt that the miners' average earnings needed to be calculated using a 14-day moving average.
“I average over the difficulty period else it’s noisy and not equivalent to sustained reality, can be influenced by some quickly solved blocks one day that are not representative of actual income over time,” he told Decrypt.
He also pointed out that such a high income is an impressive feat, especially considering the Bitcoin mining block reward halved from 12.5 BTC to 6.25 BTC in May 2020.
Since miners 'spending is usually in fiat currency, it is very important that miners' profits do not drop sharply, so that they can also continue to support the Bitcoin (BTC) protocol.
Since the halving in 2020, the miners' profits have been around 1,000 BTC per day, part of the source comes from block subsidies of 900 BTC per day, and revenue from transaction fees has consistently fluctuated between 75 and 125 BTC per day.
According to Decrypt report, these miners have also been increasing their Bitcoin (BTC) sales ever since the cryptocurrency market started an ongoing price rally.
The CEO of Standard Hashrate Group, Alex Zhao, told Decrypt that Bitcoin (BTC) miners, at least miners in Asia started to increase their sales as the current increase started to increase in January.
“The Asia mining community's consensus was that Bitcoin would reach a peak at around $20,000. Therefore, many miners sold a significant amount of Bitcoin inventory in the range between $17,000 and $19,000,” Zhao said.
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