• Bitcoin mining revenue surged by 140% since Christmas, from $10 million on Christmas Eve to $23.8 million on January 29.
• The total mining revenue per day has increased by almost 50% since the beginning of the month.
• The figure stands far from the all-time high of over $80 million registered in April 2021.
The past few weeks have been a boon for Bitcoin miners, as the leading cryptocurrency’s price rally has resulted in a surge in mining revenue. Bitcoin’s price has experienced a remarkable increase of over 40% since the beginning of 2021 and is currently standing at around $35,000. This has triggered a significant increase in the daily mining revenue, which has jumped by 140% since Christmas.
On Christmas Eve, the total bitcoin mining revenue (block rewards plus transaction fees) per day stood at $10 million. This figure has now jumped to $23.8 million on January 29, representing a 47% increase since the start of the year. This is still far from the all-time high of over $80 million registered in April 2021.
The surge in Bitcoin’s price has been a boon for the miners, especially small-scale miners, who have been struggling since the previous bear market. The increased profits have enabled them to remain profitable even with the high electricity costs and the competition from large-scale mining operations.
The surge in mining revenue has also led to an increase in the hash rate, which is a measure of the total computing power of the Bitcoin network. The hash rate has increased by nearly 30% since the beginning of the year, indicating that more miners have joined the network to take advantage of the increase in profits.
The increased mining activities have also resulted in a surge in the number of transactions. According to data from BitInfoCharts, the daily number of Bitcoin transactions has increased by over 25% since the beginning of the year. This indicates that more people are using Bitcoin to make payments or store value, contributing to the growth of the network.
Overall, the surge in Bitcoin mining revenue since Christmas is a testament to the increasing demand for Bitcoin. The increased profits for miners, combined with increased transactions and a higher hash rate, are all signs of a growing and healthy network. With the current price rally and the positive sentiment in the market, it is likely that the Bitcoin mining revenue will continue to increase in the coming months.