Highest profitable year recorded for Bitcoin miners. Per hour Bitcoin mining yields go above US$ 1 Million. Revenue generation at its highest peak as it surges about 185% as compared to the previous year.
As per the data published by Glassnode, Bitcoin miners had been living the best times of their lives. Glassnode suggested that these days the profit yielding by Bitcoin miners had increased to US$ 1 Million per hour. Furthermore, the profit generation had increased to about 185% since the previous year. However, a large portion of the revenue had been generated within a period of 4 months only i.e. May to December.
The earlier Bitcoin blockchain was forced to cut down the share of miners due to halving which occurred in May. At that time the mining fee was brought down almost to half the price being charged on Bitcoin transactions now.
The current year’s revenue generation had been the highest ever recorded in the history of the Bitcoin network. The earliest high was recorded in the month of July 2019 but the current earnings had gone past that as well.
Glassnode also suggested that the present earnings had come about only because of the pandemic. But the real question would be whether Bitcoin would remain on the higher side once the pandemic ends, suggested Glassnode.
It is said that increased activity of revenue generation at Bitcoin blockchain had been a result of Bull-Run for the entire crypto industry. The other major contributor had been Bitcoin whose value had been surging continuously throughout the year. This too had been increasing the activity substantially because Bitcoin’s price surge had been advantageous for miners.
Glassnode also noted that that current year’s revenue generation had exceeded US$ 13 Billion approximately. Resultantly, the crypto industry as a whole had emerged as a heavy-weight industry. Furthermore, it had transformed into one of a kind business in which the numbers of investors had been increasing rampantly.
It was believed earlier that cryptocurrencies had been subjected to high volatility which made them vulnerable to high risk. Therefore, a large chunk of investors was reluctant to invest in cryptocurrencies. However, even though the volatility continued to remain, but the investors had ignored the volatility and had been investing wholeheartedly.