Cumulative Bitcoin Mining Revenue Surpasses $20 Billion

On-chain metrics show miners have generated a lot of revenue from the ongoing Bitcoin rally- from $20,000 to above $40,000. The diversity in the mining infrastructure is a good thing for the network’s security.

Record Increase in the Past Two Years

Analytics firm Glassnode revealed over Twitter that “cumulative” miner revenue has crossed above $20 billion. Rafael Schultze-Kraft, CTO of Glassnode, commented that miners’ revenue in the past two years is more than the value generated in the first ten years of Bitcoin.

With the price increase, the profit from mining has also increased, which is beneficial to maintain security. So, at the time, miners are happy because the top digital asset is awarding them with high profit. People who are connected with mining are playing an important part in protecting the network from security attacks.

Mining is a business now as major tech companies have recently entered the industry. Crypto investment firm Galaxy Digital has unveiled its plan today of diving into the sector.

The price rally has caused crypto exchanges to be flooded with users who are ready to buy Bitcoin. The bustle of crypto-inspired people and miners has also pushed mining difficulty high. On January 9, the difficulty broke above 20 trillion for the first time.

Due to the high demand for mining machines, big manufacturers in the industry are receiving unlimited orders. Due to high demand, the prices of mining machines have surged.

Cryptocurrency mining is banned in various countries where electricity shortages present. People tend to establish their machines in areas where electrical power is cheaper. Recently, the Seattle Times reported that illegal mining might get a boom in the public utility districts of Washington State. The risk in the region is high because electricity is cheap due to hydropower stations. And the local authorities have doubled the electricity costs for commercial mining. So, there is a high possibility that some suspicious actors may start illegal mining there as people along the river in Seattle pay only “2.33 cents kilowatt-hour.”

Iran is a country where mining cryptocurrency is recognized on a national level. But the government has made it necessary for operators to register with the government. In order to stop illegal actors, the government has started a crackdown against illegal mining farms. According to reports, Iran has closed 1,620 farms that were operating without registration.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Cardano (ADA) Claims Third Spot by Market Capitalization

The cryptocurrency world is a very competitive one. With more and more cryptocurrencies being created, there seems to be a quiet competition in rank and market value. Several cryptocurrencies have risen in price, and Cardano’s ADA has increased to a new high as well.  On February 26, Cardano’s ADA is seen to have risen to […]

Bitcoin Aiming For A New All-Time High

From reaching a high value of around $34,625 in January to a new all-time high of $58,000 in February ($58,300 as of February 21st, according to Coin Desk data), pioneer cryptocurrency, Bitcoin, is on a journey to increasing and building on new highs. So what is going to be the next new high price of […]

Blockchain-based Game Sorare Raises $50 Million in Funding Round

Sorare is a game based blockchain technology as it relies on Ethereum blockchain for its transactions. The fantasy game of soccer has raised a humongous sum of $50 million. The huge sum has brought their total funding to $60 million. The reason behind the instant jump to $50 million was the fresh series A round […]

Billionaire Investor Charlie Munger Discredited Bitcoin’s worth Once Again

Charlie Munger’s stance against Bitcoin has not changed one bit. The American investor has always been a big critic of the leading cryptocurrency since the start. Munger has not bothered investing in the leading crypto and has always advised investors to follow suit. His recent claims on Bitcoin have also been the talk of the […]

Bitcoin’s Price Value Dropped by 17% Causing Liquidations worth $5 Billion

Bitcoin’s price plummeted below $50,000, causing mass liquidations and panic in the crypto market. Currently, Bitcoin stands at $48,317 with a market cap of about $900 billion. Meanwhile, some traders believe the market to be bullish despite the price fall. Why did Liquidations Happen? For the past few months, the crypto market and Bitcoin was […]

Don't Miss Out On Bitcoin Storm!

#1 Bitcoin and Cryptocurrency Price Prediction Software / Trading Robot

Sign Up

Try Crypto Engine With a Trusted Broker