The all-time revenue for bitcoin miners has surpassed $14 billion.
According to Yahoo! Finance, despite the incredible increase in the network’s hash rate – something that depresses the profitability of crypto mining – the mining experience offers more treasures than ever for crypto miners.
The report notes that as of the Bitcoin network’s inception, miners had to wait 8 whole years for their total revenue to break past the $5 billion mark. As with all growing industries, the next $5 billion came way faster as it took only 8 months to break the $10 billion mark.
If the same speed of growth and mining profitability remains unchanged, the $20 billion mark will be broken in less than 6 months.
The all-time revenue for bitcoin miners wasn’t the only record broken recently
Nevertheless, the $14 billion mark is very impressive considering that the network’s has rate has been rising incredibly fast for a few months now. A lot of records were broken as just last month the average mining hash rate managed to reach 71.43 quintillion hashes/sec (EH/s) when comprated to the 64.49EH/s registered back in July.
With the has rate increasing, miners should be expecting to spend record levels of computational processing power to solve and validate blocks to claim their rewards.
Higher power unfortunately means that miners need to spend more on operational costs. Still, the robust revenue increase indicates this factor hasn’t harmed profitability.
We are however, closing in on the expected halving – the pre-coded 50% reduction of block rewards for miners – which will happen in May 2020. The halving always has bullish implications for cryptocurrencies as with a sudden spike in Bitcoin’s price, all the altcoins will probably increase in value as well.
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