By CryptoSlate | Created at 2024-12-05 17:17:35 | Updated at 2024-12-22 07:06:37
2 weeks ago
Onchain data shows that Bitcoin miners have earned an average of over $40 million daily through block rewards and transaction fees over the past week.
This marks a stark departure from the past months when miner revenues hovered between $20 million and $30 million, reflecting the asset’s fluctuating prices.
However, November brought renewed optimism, as President-elect Donald Trump’s election victory spurred a sharp rise in Bitcoin’s price, pushing miners’ daily revenues consistently above the $40 million mark. Notably, earnings reached over $50 million at times, highlighting the strong correlation between Bitcoin’s value and mining profitability.
Additionally, the rise in earnings coincides with an increase in Bitcoin’s hashprice, a metric that tracks daily mining income based on computational power. According to the Hashrate Index, the hashprice has recently stabilized around $60, its highest level since June’s peak of $83.
This also marks a recovery from September, where hashprice fell to historic lows below $40.
