Bitcoin miners made more than $1.09 billion in January revenue, which is the highest point since December 2017, The Block’s Dashboard data shows.
The revenue for bitcoin miners
The revenue for bitcoin miners last month has surpassed the level seen in January 2018, which was at $1.02 billion. The highest monthly revenue for bitcoin miners was recorded in December 2017 with over $1.25 billion at the peak of the last market bull run.
Of the $1 billion revenue last month, $977 million came from the network’s block subsidies, the value of which increased sharply compared to December 2020 as bitcoin’s price jumped above $30,000 and reached as high as $42,000.
Meanwhile, bitcoin’s mining difficulty growth has been relatively more static given the supply shortage of the newest mining equipment.
As a result, The revenue for bitcoin miners’ daily revenue per each terahash second (TH/s) of computing power has also increased in January to as much as $0.25, a level not seen since mid-2019.
Bitcoin may be a useful way to send and receive money, but cryptocurrency isn’t created for free. The community of computer-based miners that create bitcoins uses vast quantities of electrical power in the process. The electricity-heavy process has led some experts to suggest that bitcoin isn’t an environmentally friendly
So how much electricity does a bitcoin take to produce? Written testimony presented to the U.S. Senate Committee on Energy and Natural Resources in August 2018 claims that bitcoin mining accounts for about 1% of the world’s energy consumption.