Bitcoin miners around the world now earn $1 million per hour

Bitcoin miners have made a combined $13 billion this year. It has become such a massive industry.

It’s not just Bitcoin traders who are profiting from Bitcoin’s bull run. Bitcoin miners are also making money. According to Glassnode data, they are earning $1 million per hour, the most profitable hourly income since July 2019.
Glassnode said miner revenue has increased 185% since the bitcoin halving, which occurred in mid-May when the bitcoin network cut in half the number of bitcoins miners receive for processing transactions on a block, thereby limiting the supply of new bitcoins.

Glassnode noted that there are more people participating in mining today, considering that in July 2019 “the block reward was twice as much as it is today.”

Bitcoin miners around the world currently earn $1 million per hour.

Since the halving, there has been a 185% increase.

The last time miners earned this much was in July 2019. Note that the block reward back then was twice as much as it is today.

Bitcoin miners earn fees by processing transactions in blocks. They do this by solving complex computational puzzles on the Bitcoin blockchain. The most powerful ASIC miners offer the highest hashing rates, which means miners have to become increasingly powerful to compete.

When there is more transaction activity on the Bitcoin blockchain, miners make more money. People have bought a lot of Bitcoin due to this year's bull run, and the price of Bitcoin has risen by $17,000 since the beginning of October.

Miners are making so much money right now because there is an increasing demand for transactions. They earn Bitcoins from every block they validate, as well as all the transaction fees included in each block.

But they can make even more when demand for bitcoin outstrips supply. The network raises fees when it’s congested, which means people with powerful enough bitcoin mining machines can make money.

As of yesterday, the average cost of processing a Bitcoin transaction was $8.7, according to BitInfoCharts.com.

Yesterday, shares of publicly traded bitcoin mining company HIVE Blockchain Technologies rose 27%, Riot Blockchain gained 22%, and shares of Marathon Patent Group, one of the largest bitcoin mining companies in the United States, surged 12%.