Bitcoin Miners See Their Total Revenue Climb to $17.5 Bln with Hashrate Approaching New Highs

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Fri, 07/03/2020 - 17:33
Alex Dovbnya
The cumulative revenue of Bitcoin miners has surpasses $17.5 bln after a lackluster June
Cover image via stock.adobe.com
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Bitcoin’s all-time mining revenue (known as ‘thermocap’) has surpassed $17.5 bln, according to Glassnode data

After breaching the $15 bln milestone in late 2019, it has so far grown by nearly 16 percent this year.

image by @glassnode

Related
Bitcoin’s Address Activity Was Only That High When Price Hit $20,000

Bitcoin miners revenue plunged 23 percent in July

Thermocap is a market capitalization alternative that was introduced by CoinMetrics co-founder Nic Carter.

It combines mining resources spent on the network that consist of block rewards and transaction fees.

Following Bitcoin’s 50 percent subsidy cut to 6.25 BTC per block, the revenue of Bitcoin miners shrank 23 percent to $281 mln in July. 

Bitcoin fees, which are now down 85 percent from their May 20 peak of an average $6.647 per transaction, accounted only for four percent of the aforementioned sum.

Ethereum, on the other hand, recently reached its highest proportion of mining revenue from fees to date (18 percent).  

Bitcoin is about to get more difficult to mine 

Meanwhile, the Bitcoin hashrate has now fully recovered from its 33 percent slump that happened after the reward reduction in May.

image by blockchain.com

Bitcoin’s difficulty is expected to increase four percent in roughly 10 days, which will make it harder for miners to generate revenue (unless the BTC increases substantially).

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.


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