Bitcoin miners generated $ 354.4 million in revenue last week, a new all-time high in industry history. Weekly income surpassed the previous record of $ 340 million set in mid-December 2017. Coindesk reports.
“Despite the decrease in block reward, mining revenue in USD is only growing,” Ethan Vera, co-founder of mining company Luxor Technology, told Coindesk. “This is encouraging in terms of the long-term outlook for Bitcoin’s security and continued investment over the next halving.”
The revenue estimate based on Coin Metrics’ data on fees and rewards for block mining suggests that miners immediately sell mined bitcoins.
According to previous reports from CoinDesk, more than 15% of the week’s revenue came from transaction fees.
“We are very optimistic about the prospects for mining,” Vera said. “January and February 2021 were record-breaking months for most of us. Many people are reinvesting their profits back into their business in order to further increase the hash rate in the future. ”
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