Bitcoin (BTC) miners are currently earning $1,000,000 per hour. This is an increase of 185% since the halving.
Bitcoin (BTC) miners are now earning outrageous wages. Such incredible earnings were revealed by data from Glassnode, which is an advanced cryptocurrency analytic firm showing miners are now earning $1,000,000 per hour. This is an increase of 185% since the last halving.
The last time Bitcoin miner revenue was this high, was in July 2019. It need to be noted that block rewards were twice as high as today.
Bitcoin mining process is the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain. BTC miners who can successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.
This confirmation process involves solving complicated mathematical problems and a lot of computing power. Bitcoin Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.
Nairametrics broke the news about a week ago on the average cost of completing a transaction at the world’s flagship cryptocurrency market skyrocket again.
At last week’s trading session, the average cost of sending a BTC transaction was valued at just $2.7. That shows an increase of 344% in less than a week.
The rise in transaction fees is coming at the incredible bullish gains prevailing effect, in which Bitcoin’s price reached a new all-time high (ATH) of $24,084 and rose by 30% in the past seven days.