Bitcoin Miners' Hourly Income Reached Record Highs

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Bitcoin Miners' Hourly Income Reached Record Highs

With the first cryptocurrency surmounting the $ 48,000 level and the highest transaction fees, the income of BTC miners has grown significantly. The price of bitcoin continues to float at the level and currently does not fall below $ 47,000, which has a particularly serious impact on the income of those who maintain the blockchain processing and are engaged in mining.

Data from analytical services, in particular from Glassnode, tell us that on February 11, those who mine bitcoin managed to earn more than $ 4,000,000 in just a specific hour. This is a record figure for miner's income in the entire history of the main digital asset.

Through mining, transactions are confirmed and recorded on the blockchain according to the consensus of the network. Miners use special equipment to ensure the functioning and reliability of the entire Bitcoin blockchain system. The first device to solve the cryptographic challenge is rewarded with new digital coins, which is repeated approximately every 10 minutes. Miners receive a reward for each block, and also receive commissions from transactions of users of the main cryptocurrency.

As a result, the reward is about 37.5 BTC per hour, or even more if more blocks are processed. At the current BTC exchange rate, this is more than $ 2 million, but a significant part of the digital funds received by miners is due to the fees charged when conducting transactions. These fees exceeded $ 25 per transaction, hitting a height of last three years. With more than 2,500 transactions per block, an additional $ 400,000 can be generated as a result. At the same time, fee rates fluctuate significantly and usually peak during US business hours.

As the price of bitcoin rises to $ 50,000, the competition for transactions intensifies. For ordinary users, the high fee is not pleasant, but for miners it is clearly not bad at all. So in January 2021, BTC miners earned more than $ 1 billion, beating the indicators of the end of 2017 - beginning of 2018 during the ICO boom.