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Bitcoin miners generated over $1 billion in January revenue

bitcoin

TL;DR Breakdown:

  • Bitcoin miners generated over $1.09 billion revenue in January alone.
  • Meanwhile, there has been a slight drop in the network’s hashrate after the ATH on January 17.

Data from The Block showed that Bitcoin miners generated the second-largest revenue in January 2021. According to the information, the revenue mostly came from the network’s block subsidies, which is the amount of BTC reward to miners for block production. At the time of writing, the crypto’s network hashrate is around 150 million terahash per second (TH/s), according to the blockchain explorer, Blockchain.com.

Bitcoin miners made over $1 billion

In January 2021, Bitcoin miners generated over $1.09 billion, which is the biggest revenue since December 2017. At the time, the miners made more than $1.25 billion, which probably relates to the larger block reward and the increasing price of the cryptocurrency then. Also, the current revenue surpassed the record in January 2018, where BTC miners generated about $1.02 billion. They made a lower revenue in January 2020, around $500 million, according to data from The Block.

The January revenue of Bitcoin miners was largely contributed by the block rewards. They reportedly generated about $977 million of the revenue from the network’s block subsidies, while the rest came from transaction fees. Notably, miners are currently rewarded with 6.25 BTC per block, following the third halving event last year. So, the increase in Bitcoin miners revenue possibly follows the recent spike in the market price of the cryptocurrency, since block rewards weren’t any larger than the years before 2020.

Bitcoin network hashrate

There has been a close to five million TH/s decline in the network hashrate after the January 17 all-time high (ATH) of 155.4 million TH/s, per Blockchain.com. Currently, the Bitcoin network hashrate sits around 150 million, which indicates a drop in the number of machines mining the cryptocurrency. There hasn’t been any recent major spike in the network’s mining difficulty, and so, miners are making an increased amount of $0.25 for 1 TH/s.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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