Bitcoin Miners Made $ 4 Million In One Hour! - News-Credit-Mortgage-Coin


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Friday, February 12, 2021

Bitcoin Miners Made $ 4 Million In One Hour!


The rally of the Bitcoin (BTC) price is proving to be unexpected for miners of the world's largest blockchain as well.

Miners earned a record $ 4.06 million in 60 minutes on Thursday, data provided by blockchain analytics firm Glassnode. Transaction fees accounted for more than $ 47,000 of record hourly revenue.

Miners use powerful computers to solve complex math problems to extract blocks and confirm transactions in the public ledger. Miners receive transaction fees as well as newly created BTC as a reward for their service.

Currently, miners are paid 6.25 Bitcoins per block mined. This number was reduced by 50% in May 2020 through a process called mining halving, which is repeated every four years.

On Thursday, hourly income reached an all-time high. Daily revenue reached a three-year high earlier this week at $ 50.78 million. It reflects the increase in BTC price during this period, pointing to at least a fivefold increase since mid-October.

Miner income and Bitcoin rally go parallel
Revenue from transaction fees has also increased significantly over the past few months, reaching $ 9.14 million on February 9. In the last four months, the price of Bitcoin has increased by nearly 400% to levels above $ 48,000.

According to a report in CoinDesk, an increase in institutional demand is foreseen after Tesla's decision to purchase the cryptocurrency; Miners' income could continue to increase in 2021 and beyond. This could lead to a stronger price rally. As previously reported, the percentage of revenue earned from transaction fees may increase with payment giants like Mastercard announcing that they support crypto currencies.

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