Bitcoin Miners Raked In $20 Billion to Date

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Fri, 01/15/2021 - 15:49
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Alex Dovbnya
Cumulative Bitcoin mining revenue has reached $20 billion
Bitcoin Miners Raked In $20 Billion to Date
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Bitcoin's "thermocap," or total miner revenue, has hit a major milestone of $20 billion, according to Glassnode.

Glassnode
Image by @glassnode

It has increased by more than 100 percent over the past two years.

Bitcoin fees are on the rise

The "thermocap" figure factors in both block rewards and transaction fees paid to miners.

It took Bitcoin over a year to add $5 billion to the all-time miner revenue after reaching the $15 billion milestone back in October.

While block rewards still account for the lion's share of revenue, their role gradually diminishes with every quadrennial halving.

The average Bitcoin transaction fee shot up to a local high of $17 earlier this week, but it is still well below the $55.16 peak that was reached on Dec. 22, 2017.

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A huge revenue jump

Bitcoin's hashrate—which hit a new all-time high of 171.2 EH/s at the end of Decemberhas seen a 10-fold increase since the previous bull market.

According to data provided by Luxor Technologies, the average daily revenue per one terrahash topped off at $0.3178 on Jan. 9, after Bitcoin climbed to its current all-time high of $42,000. On Jan. 7, Bitcoin miners earned over $45.2 million in one day.

Bitcoin
Image by hashrateindex.com

This prompted a +9.87 percent mining difficulty adjustment that occurred last week, making some older ASICs less profitable.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.