Glassnode States That Bitcoin Reached the Record Profitability by Now
Bitcoin mining has reached a record profitability — at the moment, miners earn about $ 52.3 million per day. This is due to the rise in the price of BTC and transaction fees.
Bitcoin miners hit a new all-time high of $ 52.3 million per day this week, according to Glassnode. This is good for the network, according to company analysts. In its weekly newsletter, Glassnode notes that this figure “instills confidence in the continued security of the Bitcoin protocol.”
Miners receive a block reward of 6.25 BTC (about $ 347,477) and fees paid by BTC users to conduct transactions. Block rewards are halved every four years. The previous Bitcoin halving took place in May 2020. As noted by Glassnode, despite the halving of the award last year, miners continue to receive high profits.
This is primarily due to the rise in the price of BTC. Now the cryptocurrency is trading just above $ 56,000, and last weekend the price of bitcoin reached $ 61,000. Commissions for transactions on the network are also growing. The cost of sending BTC has increased as more people want to use the network, which means miners can make more money for their work.
Glassnode notes that “online transaction fees paid in connection with exchange activities are also an interesting metric for tracking market movements and priorities.” Now 30% of commissions come from cryptocurrency exchanges.
Recall that last month was extremely successful for both bitcoin miners and ether miners — both categories received record profits, and the profit for mining ETH exceeded $ 1 billion for the first time in history.