In Wake of Bullish Phase, Bitcoin Mining Revenue Surge to $20 Billion

January 18, 2021 1:20 PM UTC

The total revenue of Bitcoin miners soars abruptly to hit $20 billion, according to data from Glassnode. Bitcoin miners earn BTC as a reward for completing “blocks” of verified transactions which are added to the blockchain, validating transactions by solving a complex computational puzzle. 

 

Network activities are directly connected with the gas price. High transaction gas reflects network congestion. Miners prioritize the users who are willing to pay a premium in order to process Bitcoin transactions.

Miners revenue has seen a massive surge during the recent bull run. Bitcoin price has accelerated at a rapid pace, starting from $10,500, on October 1st, to highs of more than $40,000 this month. 

Galaxy Digital Getting into the Mining Sector

Galaxy Digital, a diversified financial services firm dedicated to cryptocurrencies, has stated that it is starting new financial services and sophisticated tools for the bitcoin mining sector. 

The firm’s new platform, entitled Galaxy Digital Mining, intends to give “one-stop financial services” for crypto miners, based on the official statement. Amanda Fabiano, former Fidelity’s mining director, is managing the mining operations. “Bitcoin mining is the foundation of the Bitcoin network. By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network,” Fabiano passed the statement.

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