Bitcoin mining revenue has increased 1,900% since 2013

According to data from Statista, Bitcoin mining revenue has been growing almost every year. In 2013, the global mining industry had revenue of $260 million. In 2014, this figure grew to $700 million. In 2019, the global Bitcoin mining industry revenue exceeded the $5 billion mark, an increase of nearly 20 times in just five years. However, will the upward trend in mining revenue continue after the Bitcoin halving?

Bitcoin mining revenue in millions of dollars. Image: Statista

By the time 2017 rolled around, the Bitcoin mining industry was generating $3.19 billion in revenue, a year after the 2016 Bitcoin halving. Despite the overall crash in early 2018, Bitcoin mining industry revenue still reached $5.26 billion. However, with Bitcoin production about to drop in half, and prices falling across the board, that could change. In about 42 days, Bitcoin will have its third halving. This will reduce the block reward from 12.5 BTC per block mined to just 6.25 BTC. So, at least initially, every miner will see their revenue cut in half. This is the most important reason for the recent price halving, which has miners further worried.

Miners who bet on a big rally after the halving have closed down. Unprofitable miners have had to shut down and sell their outdated Bitcoin mining machines. Bitcoin's total network computing power (hash rate) has fallen by nearly half from its 2020 peak. It would not be surprising if mining revenue also halved.