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- Bitcoin daily mining revenue was at an average of $57M for the past month, yielding a $1.7B monthly gain.
- Bitcoin’s recent price rally was a significant cause of the mining revenue rise.
- Compared to $1.23B generated in one month during December 2017 Bull Run, the recent gain represents a 40.21% increase.
Based on the data revealed by Crypto Parrot, a cryptocurrency trading simulator platform, the average daily profits for Bitcoin mining activities was at $57 million for a whole month up until April 26, 2021, with miners generating a total of $1.7 billion in revenue.
BTC Price Rally Raising Mining Revenue
The miner’s revenue rise could very well be attributed to Bitcoin’s recent price rally; after all, the price rally is directly proportional to their daily gains. On April 15, following the Bitcoin price surge to its record high of $64,800 just a day ago, miners spawned a profit of $81 million. And two days later, when the market corrected and prices plummeted 15%, the revenue dropped to $45 million.
2017 Bull Run And Now
This recent rally-driven mining revenue generated in the past month, compared to the short-lived Bull Run of late 2017, draws a significant difference. December 2017 witnessed a month’s worth of mining revenue around $1.23 billion, representing a 40.21% difference from the $1.7 billion last month.
Surges Increases The Asset Demand
The Bitcoin network already seems crowded; moreover, traders trying to benefit from the flow during price surges make the space even more congested. More specifically, the digital assets reach new highs or react to positive news, the fear of missing out (FOMO) sets in. Resulting in some investors looking to sell the high, while others try to buy-in, resulting in an ocean of transactions for miners to confirm. This increased demand, in turn, lifts the transaction fees.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
