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Daily earnings reach $33 million, Bitcoin miners' profits approaching the highs of 2017!

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Daily earnings reach $33 million, Bitcoin miners

Data shows that the total mining revenue of Bitcoin miners across the network has reached $33 million per day, a level of revenue not seen since the bull market of 2017.

Miners' Daily Earnings Reach $33 Million

According to data from Glassnode, tracking the total mining revenue generated by Bitcoin miners, it has been found that miners across the network are earning $33 million per day, a revenue level unseen since the bull market of 2017. On December 18, 2017, the total network revenue from Bitcoin mining reached nearly $50 million. Even during the crazy bull market of 2017, the $33 million revenue level was only reached for five days.

Rafael Schultze-Kraft, the CTO of Glassnode, expressed on Twitter:

"Bitcoin miners are happy."

In fact, as of December 16, 2020, the total mining revenue for Bitcoin was still at $17 million, meaning that after Christmas and New Year's, Bitcoin's network mining revenue had increased by over 90%.

Mining Difficulty is Just a Worry

In the first half of 2020, whether the "Bitcoin halving" would trigger a halving market and whether "mining difficulty" would occur were topics of endless debate in the cryptocurrency community.

According to previous reports, before the Bitcoin halving, some market analysts were concerned that the halving of block rewards would lead to a collective shutdown of miners due to a halving of their income, and the sudden drop in network hash rate would jeopardize the security of the Bitcoin system. However, as 2020 has passed, miners did not quit mining due to the halving of rewards; instead, they earned higher profits due to the rise in the price of Bitcoin. In 2020, Bitcoin not only made more people aware of its value but also once again proved to everyone that its system security will not deviate due to the halving of mining rewards.