The BTC miner revenue reaches ATH of $52.3 million in only one day and it seems that these activities are now more profitable than before so let’s check up on the data in our latest BTC news.
Mining BTC is more profitable than ever before and as of this week, the BTC miner revenue reaches $52.3 million per day because Bitcoin is more expensive than ever and transactions are going through the roof. Mining BTC is a profitable game and it seems to be getting even better. Earlier this week, the miner revenue hit a new ATH of $52.3 million per day as per Glassnode.
Glassnode noted that the figure is positive for the assurance of the continued security of the protocol because mining is lucrative and miners will still continue to do their jobs. Miners use powerful computers to solve cryptographic puzzles that in turn verify transactions on the blockchain so, in order to send one coin to someone, the miners have to confirm it.
This is an energy-consuming business and miners have been criticized for the amount that they consume per year. however, not all crypto networks are this energy-intensive. But in the case of Bitcoin, miners are rewarded for their computational power and the fees paid by users to prioritize their transactions. The block reward halves every four years and it’s embedded into the BTC code to keep inflation in check while the miners make money. Glassnode noted this in the report as well adding that despite the halving last time, miners are still making a lot of money.
This is because the BTC price went through the roof and the asset is trading above the $55K per coin. The fees are also high and the cost of sending BTC is expensive as more people start using the network which means miners will be able to earn more for their work. Glassnode noted that the on-chain transaction fees paid in relation to the exchange activity is quite the metric to track the movement and the priorities of the market as now 30% of fees paid come from exchanges.
There’s a lot of action that will take place on crypto exchanges right now and it also bods well for the miners.
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