Bitcoin price is trading at nearly $50,000 per Coin » Read more
Here’s how rising Bitcoin prices combined with spiking transaction fees have made mining BTC a particularly lucrative venture.
Daily Bitcoin Miner Revenue Surpasses $50 Million
Bitcoin’s gains in 2021 make the stock market, gold, and anything else look like barely a blip by comparison, and is the best performing asset on the planet in terms of total ROI.
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Investors who bought Bitcoin at any point before the year began are in nearly two times profit, but with prices so high, even miners are making a killing compared to the cost of production.
Fees are helping to drive miner revenue sky-high. | Source: Arcane Research
Data from Arcane Research shows that BTC miners combined have now reached over $50 million in daily revenue derived from new coins unlocked, and share of transaction fees.
The report reveals that although transactions are down week over week, the value being transacted has increased causing the portion of fees generated to increase in tandem. Fees now represent roughly 15% of total revenue, or $7.5 million in BTC.
Survival Of The Fittest, To The Victor Goes The BTC
BTC miners are clearly enjoying a profitable environment currently, and are in part a crucial piece to the uptrend. The theory is that the miners that are able to withstand Bear » Read more
Some miners are in a better position than others, either through access to cheaper energy costs or by being better financially backed. Whatever the case may be, those who can withstand the Bear » Read more
The cost of producing each BTC is under $20,000. | Source: BTCUSD on TradingView.com
Just like investors themselves, weaker handed miners sold the crash to $3,200 and were unfortunately wiped out during the Black Thursday selloff. Those that survived, or held their BTC reserves, have a lot more to sell now at more than 15 times the price then.
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Following Black Thursday the halving made the cost of producing each Coin » Read more
Given the $50 million in revenue per day generated, those who survived are doing just fine now.
Featured image from Deposit Photos, Charts from TradingView.com