Bitcoin (BTC) price rally is also proving unexpected for miners of the world’s largest blockchain.
According to data provided by blockchain analytics firm Glassnode, miners generated a record $4.06 million in 60 minutes on Thursday. Process prices accounted for more than $47,000 in record hourly revenue.
#BTC miners just made over $4 million in a single hour – the highest hourly miner revenue in Bitcoin's history so far.
Chart: https://t.co/TIffXFCIZH pic.twitter.com/PmAAmTN6j3
— glassnode (@glassnode) February 11, 2021
Miners use complex math to extract blocks and confirm processes in the public ledger It uses powerful computers to solve its problems. As a reward for their services, miners receive process prices as well as newly created BTCs.
Currently, miners are paid 6.25 Bitcoins per block mined. This number was reduced by 50% in May 2020 through a process called mining reward halving that repeats every four years.
Hourly miner income. Source: Glassnode Hourly revenue hit an all-time high on Thursday. Daily revenue hit a three-year high of $50.78 million earlier this week. It reflects the increase in BTC price over this period, marking at least a five-fold increase since mid-October.
Miner revenue and Bitcoin rally run parallel
Process price revenue has also increased significantly over the past few months, reaching $9.14 million on February 9. In the last four months, the price of Bitcoin has risen nearly 400% to levels above $48,000.
According to a news on CoinDesk, an increase in institutional demand is predicted following Tesla’s decision to purchase the cryptocurrency; Miners’ income may continue to rise in 2021 and beyond. This could lead to a stronger price rally. As Kriptokoin.com previously reported, the percentage of revenue earned from process prices may increase with payment giants such as Mastercard announcing that they support cryptocurrencies.