Bitcoin Miner Achieves Record Highest Earning, How Much?

Bitcoin (BTC) miners rake in record-high earnings amid the current price rally.

Revenue generated on average up to $52.3 million per day according to a newsletter by cryptometric platform Glassnode, published on Monday.

At the same time, the Glassnode chart shows that every day, miners' profits have increased significantly.

For example, the highest Bitcoin miner's daily profit of all time is currently $64.7 million equivalent to Rp934 million which occurred on March 14.

 

In this month alone, miners also earned $54.6 million on March 3, $57.7 million on March 10, and nearly $60 million on March 12.

These are some of the best days for Bitcoin miners. The miner's total revenue is earned by combining block rewards and transaction fees.

 

Although record earnings make miners happy, according to analysts from Glassnode, Checkmate explained to Decrypt that the average earnings need to be calculated using a 14-day moving average.

"Averaging over other periods of difficulty doesn't match the ongoing reality, because it can be affected by some blocks being completed quickly and it doesn't represent actual revenue over time," he told Decrypt.

Record Caused by Halving 2020In his newsletter, he also points out that such high earnings is an impressive feat, especially considering the Bitcoin miner block reward was halved from 12.5 BTC to 6.25 BTC in May 2020.

 

Since miners' expenses are usually denominated in fiat currency, it is very important that their profits do not drop sharply, so that they can continue to support the Bitcoin protocol.

 

Since the 2020 halving, miners' profits have hovered around 1,000 BTC per day. Most of it comes from the block subsidy of 900 BTC per day.

 

Meanwhile, revenue from transaction fees consistently fluctuates between 75 to 125 BTC a day.

 

As Decrypt reports, miners have also increased their Bitcoin sales since the cryptocurrency started its ongoing price rally.

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