Bitcoin Miners Are Enjoying Record Daily Revenue

Bitcoin mining revenues are skyrocketing after BTC gained nearly 100% in the last 13 weeks. According to the latest data published by crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term and on-chain market analysis firm, Glassnode, Bitcoin miners have been making approximately $50 million daily on average for the last 30 days.

Glassnode mentioned that in 2020 Bitcoin mining firms were making nearly $12 million per day. The analytics firm also highlighted the latest accumulation trend by BTC miners. The world’s largest digital currency is currently trading near $57,000 with a market cap of more than $1.06 trillion.

“Bitcoin miners have been making more than $50 Million per day for the past month. Put into perspective: A year ago this number was around $12 Million, that's a 4x increase, despite the block subsidy being cut in half. Are Bitcoin miners selling? I don't think so. We saw increased outflows in the run-up to $40k, but the miner position change has turned back positive. Also, note that these on-chain miner volumes are not significant compared to the rest of the network,” Rafael Schultze-Kraft, Co-Founder and CTO at Glassnode mentioned on Twitter.

Bitcoin miners are taking advantage of the recent price rally in the world’s largest cryptocurrency. BTC price registered an all-time high of approximately $61,000 in March 2021. The digital currency started this year at a price level of nearly $29,000.

Bitcoin Mining Fundamentals

Glassnode CTO highlighted some key fundamentals behind Bitcoin mining. “Bitcoin's average Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term hit a new ATH yesterday, crossing a daily average of 178 exahash / sec for the first time in history. Miners keep spinning up machines, hash rate is up only,” Kraft added. Despite the reason that Bitcoin’s market dominance has dropped below 56%, the overall on-chain activity of BTC has increased significantly above the $1 trillion market cap.

JPMorgan, one of the largest investment banks in the world, recently released a research note about Bitcoin and gave a long-term price target of $130,000 per BTC.