According to data from Glassnode, Bitcoin (BTC) miners made over $4 million in just under an hour on Feb. 12, making it the biggest hourly revenue in history.
In May 2020, Bitcoin underwent the third block reward halving in its history, cutting the amount of new Bitcoin mined in half.
After a block reward halving, the amount of BTC miners can mine using computing power decreases by half. Hence, miner revenues decrease by 50% overnight, which could cause strain on mining operations in the short term.
At the same time, the hash rate of the Bitcoin network is also at new all-time highs with the fourth consecutive upward difficulty adjustment by roughly 2.5% expected in seven days.
Bitcoin hash rate and difficulty. Source: Digital Assets Data
So why are Bitcoin miner revenues surging?
A block reward halving occurs every four years to decrease the rate the remaining supply of Bitcoin is introduced to the market.
As Bitcoin nears its fixed supply at 21 million, the pace at which new BTC is mined is reduced through a halving. But the halving can putTitle: BTC miners pocket $4M in 60 minutes, the highest hourly revenue in Bitcoin’s history
Sourced From: cointelegraph.com/news/btc-miners-pocket-4m-in-60-minutes-the-highest-hourly-revenue-in-bitcoin-s-history
Published Date: Fri, 12 Feb 2021 10:39:46 +0000