Bitcoin miners are ending the year on a high note, having already raked in $1.33 billion in December with two days still to go!
That’s a nice bump from November’s earnings of $1.21 billion.
Hashrate ATH
Now, here’s where it gets interesting. While miners are celebrating their revenue boost, the hashprice, the estimated value of 1 petahash per second of SHA256 output, has taken a bit of a dip.
Just a month ago, it was around $61.78 per PH/s, but it’s now down to $55.57, while the hashrate has shot up to an all-time high of over 805 EH/s during this same period. Miners are working harder than ever.
Fee revenue still in play
A difficulty adjustment is scheduled for December 29, expected to bring a slight increase since blocks are being discovered faster than the target time of 10 minutes, now averaging about 9 minutes and 53 seconds instead.
As for fees, miners have collected about $37.69 million from on-chain fees so far this month, which is still trailing behind November’s total of $38.73 million.
Most of December’s earnings, about $1.29 billion came from Bitcoin’s subsidy.
With just over 48 hours left in December, there’s a pretty good chance that miners will surpass last month’s fee collection.
Demand
Despite the hashprice drop, the overall revenue boost likely means that the mining sector is poised for growth as computational power continues to rise and market demand remains steady.
Sure, profits can be a bit bumpy at times, but thanks to technological advancements and expanding operations, miners are keeping their spirits, and their profits high!
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