Market indicator and industrial data record show that Bitcoin mining revenues have hit the year’s highest peak. In May 2020, the Bitcoin mining reward was split in half after the halving event. But miner’s revenues have restored back up to pre-halving levels, according to the data from Glassnode.
The Bitcoin Halving event approximately occurs every four years. The event cuts miner reward for processing transactions, which means miners have to make extra efforts to generate the same profits. Following the halving event, the daily mining revenue figure drops to $7.9 million from $19 million. On November 18, the total mining revenue for Bitcoin miners reached $21.2 million.
Factors Supporting the Network Positive Growth
An earlier revenue slump that miners have witnessed was during the pandemic outbreak, which dried Bitcoin price more than 45% in just less than a week. Mining revenue plummeted steeply due to market turmoil.
However, revenue started to surge as powerful miners moved online. Moreover, Bitcoin price increase help to maintain a profit. During the halving, the Bitcoin price was close to $9,000. As of now, its price has rallied to $18,000, which suggests miners have plenty of room to cover their expense by selling BTC.
The network hash rate is also about to surpass its highest ever level. Hash rate measures the amount of computing power processing a blockchain. It is an important factor when defining the security of a network. According to data from BitInfoCharts, the mining hash rate has recovered to 143.4 EH/s.