Bitcoin miners' revenues are rising to pre-halving levels
As the Bitcoin (BTC) price peaked since January 2018, mining BTC is becoming more and more profitable.
According to Blockchain.com data, miners' revenues from BTC mining have increased to a level unprecedented since the third halving in May 2020. This halving lowered the block reward from 12.5 BTC to 6.25 BTC.
On November 4, BTC miners' revenues reached $ 20.8 million. According to Blockchain.com, this is the highest level recorded since September 2019, when the block bounty was twice as high as it is today.
The jump in the level of revenues of BTC miners is due to the doubling of the BTC price since the May halving. On November 4, the price hit a new 2020 high of $ 15,950. This means an increase of over 20% in the last seven days.
This jump is also caused by the increase in Bitcoin transaction fees. Transaction fees in the BTC network increased by almost 200% at the end of October. As a result, the percentage of miners' revenues from fees increased. It now accounts for $ 4.15 million, or about 20% of total miners' revenues.
In an environment of parabolic revenue growth, some miners are likely to start trading cryptos for fiats at this point.