Bitcoin Mining Profitability Hits Record New Highs.

Bitcoin Mining Profitability Hits Record New Highs.

2021-02-15 | Mike Hallen

Bitcoin Mining Profitability Hits Record New Highs.

Bitcoin miners set a new high record for weekly revenue after bringing in $354.4 Mln last week. The Mining revenue growth was helped by the leading crypto asset's performance last week following a string of positive developments, culminating in Bitcoin [BTC, -0.14%] hitting new record highs over the weekend slightly below $50k.
"Despite decreasing block reward, mining revenue on a USD basis has trended upwards," added Ethan Vera, co-founder of Seattle-based firm Luxor Technology, within a direct message. "This is encouraging for the future prospects of Bitcoin’s security and continued investments over subsequent few halving."
Weekly revenue eclipsed the earlier record of $340 Mln set in mid-December 2017 near the height of bitcoin's earlier bull market cycle. The revenue estimates supported network fees and block subsidy data from Coin Metrics assume miners sell their Bitcoin [BTC] immediately. Over 15% of the week's revenue was from network fees, continuing a trend of strong growth in fee-based revenue since May 2020, according to an earlier reporting.
"Our miners are incredibly bull-run on the longer term of mining," Vera explained. "January and February 2021 are record months for many of them, and that they are taking all of their profits and reinvesting it back to their business to grow future hash-rate."

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