Bitcoin mining revenue hits record high of $14 billion

According to Decrypt, despite the rising hash rate, Bitcoin miners continue to enter the industry. According to data from data analysis company Coin Metrics, Bitcoin mining revenue has set a record, successfully exceeding $14 billion. Although the growth of Bitcoin hash rate has led to an increase in mining difficulty (the computing power required to discover new blocks) and a decrease in mining profits, miners' income is still higher than ever before.

Since then, the growth rate of mining revenue has slowed down, and according to current trends, it is expected to exceed $15 billion in early 2020. Since the beginning of the crazy bull run of Bitcoin in late 2017, Bitcoin's hash rate has also experienced a similar explosive growth. At the beginning of 2018, it was more than 15 quintillion hashes per second (note: Quintillion is the cube of one million), and by September 2018, the value rose to a peak of 60 quintillion hashes per second. In recent months, Bitcoin's hash rate has reached new historical highs.

While the hash rate has risen, mining revenue has grown at a much higher rate. So while miners haven’t received all of the $14 billion in revenue, they are still making huge profits. However, continued growth in the hash rate and uncertainty about the price of Bitcoin could be a threat.