Rafael Schulze-Kraft, CTO of the research company Glassnode, said that Bitcoin mining revenue currently stands at approximately $33 million per day — a figure that has not been seen since 2017.
#Bitcoin miners be happy.— Rafael Schultze-Kraft (@n3ocortex) January 6, 2021
Current revenue: $33 million / day
Between the last halving and October, the average daily revenue was at around $10M.
And only within 5 weeks in late 2017 has this number been higher.
The mining death spiral at play.
Chart: https://t.co/Z9u9dMK1vx pic.twitter.com/a894cKT07k
On December 16, 2020, the total revenue from BTC mining was $17M, which means that the figure has increased by more than 90% since Christmas and New Year. However, this surge is not unprecedented. On December 18, 2017, the total revenue from Bitcoin mining was just under $50 million. This spike in earnings was achieved just a month after revenues were about $17 M, as in the current case.
Despite this, even in light of the rise in the price of bitcoin, the ongoing battle of miners for more powerful hardware sets an ever higher barrier to entry into the industry. Such an approach leaves little options for smaller players.Image courtesy of QZ com