Since the beginning of this week, the total daily revenue of bitcoin miners has reached about $ 52.3 million per day. The reason for this is that the price of bitcoin has risen even more and commissions have reached their maximum.
to the the report Decrypt, the profitability of bitcoin mining is currently at its highest. Data from Glassnode Blockchain data analysts show that miners’ revenue has reached a new record of 52.3 million per day since the beginning of the week.
According to Glassonood, this is a good thing. The company wrote in its weekly newsletter that this amount is a positive feature to ensure the continued security of the Bitcoin protocol. but why? This is because if bitcoin mining is a lucrative business, miners will continue to mine, and this will help the entire network do its job.
But what exactly do miners do? They use powerful computers to solve cryptographic puzzles and, in turn, authenticate transactions in the Bitcoin blockchain. In order to send bitcoin to someone else, a miner must confirm it.
This consumes a lot of energy and miners have always been criticized for their high energy consumption. According to the Alternative Finance Center at the University of Cambridge, miners consume about 14.22 gigawatts or 128.77 terawatt hours of electricity per year.
According to the Digiconomist, this may not seem like much, but it is possible that knowing that the carbon footprint from bitcoin mining equals the total carbon produced in London could reveal the depth of the story.
This is not to say that energy consumption is high in all digital currency networks, but this is true of bitcoin. Miners are rewarded for the processing power they share. The bonus is currently 6.25 bitcoins or $ 347,477 (at the current bitcoin price), in addition to the fees that users pay to prioritize their transactions. The block bonus is halved every four years. The bitcoin mining bonus is halved in its code to control inflation in bitcoin. However, miners still earn high incomes.
Minors noted that despite the bitcoin hawing last May and the reduction of bitcoin mining bonuses from 12.5 bitcoins to 6.25 bitcoins, miners are earning high earnings.
The reason for this revenue is that the price of bitcoin has risen sharply. Each of these assets now trades above $ 55,000. Transaction fees and the cost of sending bitcoins are also high because more people want to use the network. This means that miners can earn more money to do their job.
Glasnod also noted that paid intra-chain transaction fees related to the activities of exchanges are also an interesting criterion for tracking market movements and priorities. Currently, 30% of the fees are paid by exchange offices.
In other words, due to the booming market, many activities are taking place in digital currency exchanges. What is good for bitcoin is good for its miners.