Bitcoin miners have earned a record $ 64 million in one day

Bitcoin miners are generating record revenues amid the current rally, earning up to $ 52.3 million a day on average, according to a newsletter from Glassnode, published on Monday (16).

At the same time, Glassnode’s charts show that, on a day-to-day basis, mining profits have increased significantly. For example, the current historical maximum daily profit for Bitcoin miners is $ 64.7 million, recorded on March 14.

This month alone, miners also earned $ 54.6 million on March 3, $ 57.7 million on March 10 and nearly $ 60 million on March 12 – and those are just the best days. The miner’s total revenue combines rewards per block and transaction fees.

However, peak days should not be considered sustainable, explained Checkmate analyst at Glassnode, who is the author of the newsletter, to Decrypt. Instead, the value of $ 52.3 million was calculated using a 14-day moving average.

“I do the average during the period of difficulty, otherwise there is noise and it is not equivalent to the sustained reality, and may be influenced by some blocks resolved quickly one day that are not representative over time,” he told Decrypt.

In the newsletter, he also pointed out that such high revenues are an impressive feat, especially considering that the reward per block was cut in half – from 12.5 BTC to 6.25 BTC – in May 2020. How miners’ expenses are generally denominated in fiat currencies, it is crucial that their profits do not fall dramatically, so that they can continue to support the Bitcoin protocol.

Since the halving of 2020, mining profits have fluctuated around 1,000 BTC per day. Most of this comes from the reward of the blocks, which generate 900 BTCs per day. Meanwhile, revenue from transaction fees consistently fluctuates between 75 and 125 BTC per day.

* Translated and edited with authorization from Decrypt.co

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