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Bitcoin Miners Earned $4 Million In An Hour!

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.

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 previously reported, the percentage of revenue earned from process prices may increase with payment giants such as Mastercard announcing that they support cryptocurrencies.

Posted in Crypto World

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