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Recent reports revealed the data about the total income of bitcoin miners generated in February month by bitcoin mining
Research by The Block Research came out on 1st March consisted of the details of total revenue generated by Bitcoin miners worldwide in February 2022. The report was a compilation of data that revealed that the total income of Bitcoin miners for last month was around $1.06 billion. The same report also has a distribution of revenue how much came from which operation.
According to the report, total revenue of $1.06 billion consisted of the revenue generated from the block subsidy, which totalled almost $1.05 billion. In comparison, revenue from transaction fees kept a comparatively very small portion of just $12.9 million.
Both these terms are the operations that come under the bitcoin mining process. The block subsidy and transaction fees are primary and sometimes only revenue streams of bitcoin miners.
Revenue by transaction fees is clear the fees taken from users for making transactions happen out of which some share goes to miners. Block Subsidy is the number of new bitcoin minted in each block. Every time a block gets produced and added to the blockchain, the creator of that block is allowed to mint a fixed amount of new bitcoin. Although the bitcoin to be minted is fixed for each block, the block can be created in amount depending on capacity and computing ability, the hash rate of computers at minings rigs.
Although the recent revenue is comparatively low from the highest revenue generation by Bitcoin miners. For March 2021, bitcoin miners generated total revenue of $1.75 billion, which is the all-time high of revenue generated by bitcoin mining.
About bitcoin mining
Bitcoin mining is the process that takes place every time a transaction is made from one bitcoin wallet to another. The mining process needs a high computing ability known as hash rate. Bitcoin miners set up high computing power computers in their mining rigs to achieve this high hash rate.
Although to achieve the required hash rate, bitcoin mining rigs contain hundreds and thousands of computers or nodes for which it needs a high amount of energy. There is huge energy consumption and huge amounts of heat during processing; they ultimately become the main reason for energy and environmental concerns because bitcoin itself and bitcoin mining are criticized globally.
Mining giants working in bitcoin mining such as Bitcfarms Ltd., Hut 8 Mining Corp., Marathon Digital Holdings Inc and many more. Countries like the US, Kazakhstan and Russia are the top bitcoin mining countries.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
