Within the last 13 weeks, Bitcoin has managed to gain close to 100% in value. As one would imagine, this skyrocketed the revenues for BTC mining by a significant margin. Glassnode, a significant on-chain market data, and crypto analytics firm, has revealed through its latest published data that BTC miners have managed to make around $50 million a day on average for the past 30 days or so.
1/ A thread on #Bitcoin miner metrics.
First, some fundamentals.
Bitcoin’s average hash rate hit a new ATH yesterday – crossing a daily average of 178 exahash / sec for the first time in history.
Miners keep spinning up machines – hash rate is up only.https://t.co/SEdtQGNsT7 pic.twitter.com/vIjVGyH8QC
— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021
Brand New High For Mining Revenue
Back in 2020, Glassnode stated that BTC mining firms were making close to $12 million a day, on average. Alongside this brand new high in revenues, Glassnode was quick to highlight that miners had restarted their trend of accumulating Bitcoin as opposed to selling it. As it stands now, Bitcoin’s price is within the range of $56,790.
Glassnode highlighted that the past month’s daily gains of $50 million are around four times that of what was gained just last year at $12 million a day. This comes, as Glassnode had highlighted, even with the block subsidy being halved.
Rafael Schultze-Kraft stands as the CTO and Co-Founder of Glassnode, and stated that Bitcoin miners are back to positive positions after they stopped selling when Bitcoin went past the $40K mark. Another thing he made note of was the fact that the miner volumes on-chain aren’t really significant when you compare it to the network’s activity at large.
BTC Doubling In Value In 2021
Back in March of 2021, Bitcoin reached a new all-time high of around $61,000. By comparison, 2021 started with the asset being worth less than half that, being only $29,000. As one would imagine, the massive price rally has been very profitable for Bitcoin miners as a whole.
Bitcoin Growing Stronger But With Less Market Dominance
The Glassnode CTO put stress on a number of key fundamentals that are paramount to Bitcoin’s mining. He stated that yesterday, a new ATH was reached in terms of Bitcoin’s average hash rate, managing to achieve 178 exahashes per second. Kraft stated that there’s no decrease in machines being incorporated into the network at large, thus the hash rate has no other way but up.
Interestingly enough, Kraft highlighted that Bitcoin’s hashrate was rising, but its overall market dominance was dropping, going under 56% thanks to the most recent bull run and the trillion-dollar market cap it had achieved.
Indeed, JPMorgan, one of the largest investment banks in the world, gave out a recent research note about Bitcoin. In this research note, the banking giant allocated a long-term price target of $130,000 for Bitcoin overall.