Bitcoin price is trading close to $ 50,000 and on-chain activity is skyrocketing. The recent positive trends and increased interest have allowed miners to reach over $ 50 million in revenue in a single day.
Here’s how Bitcoin’s price escalation combined with soaring transaction fees has made BTC mining an exceptionally lucrative business.
The daily turnover of Bitcoin miners exceeds $ 50 million
Bitcoin’s return in 2021 makes the stock markets, gold and anything else almost blip by comparison and the best performing asset on the planet in terms of total ROI.
Investors who bought Bitcoin any time before the start of the year are nearly twice as profitable, but at so high prices, even miners are making more money than it costs to produce.
Data from Arcane Research shows that BTC miners achieved a total daily revenue of more than $ 50 million from newly unlocked coins and sharing transaction fees.
The report revealed that although the number of transactions decreased from the previous week, the value transacted increased, causing the fee generated to increase in parallel. Fees currently account for about 15% of total revenue or $ 7.5 million BTC.
Resilient survivors shine with Bitcoin
BTC miners are clearly enjoying the lucrative environment and are a key part of the uptrend. If miners are able to withstand bear market sell-offs, they will be better financially prepared for the next bull market, while at the same time able to hold stronger and allow for even more bulls than before. when it is necessary to ensure profitability to cover operating costs.
Some miners are in a better position than others, either through access to cheaper energy costs or better financial support. Whatever the case, those who can tolerate a bear market will reasonably make a return when the market returns.
Like the investors themselves, the weaker miners sold their share of the price crash to $ 3,200 and were unfortunately wiped out during the Black Thursday sell-off. Those who survived or held BTC in reserve now have a lot to sell for more than 15 times the then price.
After Dark Thursday, the halving made the cost of producing each coin even higher, making survival much more difficult. The halving is only part of the reason why cryptocurrencies are up after the event is over. The other part is that this cycle purifies weak miners so that the stronger ones can avoid selling in the uptrend.
With $ 50 million a day in revenue generated, the survivors are doing well now.