In brief

#Bitcoin miner revenue is back at pre-halving levels.
Chart: https://t.co/Ao9DodRwqi pic.twitter.com/PwUHPaKz8L
— glassnode (@glassnode) November 18, 2020

$105,323.00
4.09%$2,439.08
9.15%$2.19
9.76%$639.97
2.46%$144.20
8.72%$0.999865
-0.00%$0.272545
0.74%$0.163765
7.86%$2,437.79
9.25%$0.583841
8.18%$105,224.00
3.91%$37.65
10.62%$2,939.62
8.51%$2.76
12.45%$13.40
14.74%$450.47
1.37%$9.14
0.99%$0.247152
7.89%$18.15
8.96%$0.999785
-0.00%$2.90
3.78%$47.93
0.37%$0.00001165
7.32%$2,437.44
9.00%$0.151512
10.98%$84.35
4.28%$2,609.29
9.00%$1.00
-0.19%$314.01
4.81%$1.001
-0.03%$3.45
8.27%$4.27
5.40%$105,285.00
4.03%$6.98
13.88%$0.00000996
11.53%$0.539002
7.51%$261.25
14.81%$1.18
0.04%$350.82
15.21%$4.75
20.11%$50.76
0.34%$1.00
0.00%$2.19
14.30%$1.057
0.03%$4.91
8.17%$0.084398
5.43%$174.57
8.69%$16.33
5.92%$0.774789
16.00%$28.02
2.63%$0.998456
-0.25%$0.611022
4.93%$16.39
1.22%$0.075025
11.96%$4.43
-0.22%$4.08
6.74%$0.02154602
10.14%$9.25
6.84%$0.084328
14.82%$0.674025
13.90%$104,912.00
3.58%$3.25
15.63%$0.2686
13.50%$0.180721
6.10%$0.321832
19.17%$0.180469
10.90%$2.30
9.51%$0.276744
36.49%$0.923608
13.02%$0.998028
0.39%$4.37
4.82%$2,437.86
9.13%$100.28
11.50%$0.999805
-0.03%$11.01
1.91%$152.68
8.11%$1.00
-0.10%$1.33
30.67%$0.416149
18.40%$0.206679
10.42%$1.19
2.74%$0.01727162
6.80%$2,778.87
8.96%$11.73
21.66%$2,554.42
9.17%$1.60
12.62%$0.00001408
13.73%$0.337982
17.92%$1.63
18.80%$1.043
20.46%$1.00
-0.00%$0.66243
17.15%$0.999575
-0.17%$0.557175
12.54%$0.059113
4.03%$0.999468
-0.04%$2,606.28
8.74%$3.09
-0.97%$2,559.74
9.17%$105,233.00
3.87%$1.11
-0.01%$3,332.97
-2.21%$639.85
2.30%$0.864512
24.70%$105,230.00
3.93%$0.083361
12.83%$2,571.94
9.40%$106,722.00
4.26%$3,315.19
-2.27%$0.501928
4.32%$0.578851
11.91%$0.420938
10.75%$161.20
8.46%$2.10
6.52%$0.85204
13.89%$111.54
0.02%$187.81
8.98%$0.00007333
13.43%$2.18
5.90%$2,634.37
9.31%$0.687021
13.91%$42.46
9.73%$0.998665
-0.01%$0.01367177
20.24%$0.01015208
0.09%$0.714656
11.52%$0.01413615
10.04%$1.089
-0.24%$0.00000064
11.60%$18.85
10.42%$0.162575
9.10%$0.254443
7.88%$0.00971838
15.33%$30.66
4.32%$0.230198
6.28%$0.997691
-0.01%$0.5574
26.76%$104,730.00
3.71%$1.95
1.62%$3.52
9.10%$0.418049
10.07%$0.531069
7.03%$37.57
10.61%$0.096005
11.00%$105,104.00
3.99%$2.01
9.43%$2,438.14
8.89%$2,438.42
9.11%$0.524052
6.82%$0.329505
7.44%$2,607.02
9.14%$105,291.00
3.87%$2,540.96
6.98%$0.259223
6.72%$0.619566
9.27%$0.997681
-0.07%$0.01444639
9.24%$1.38
9.34%$0.999944
-0.02%$2,439.24
9.08%$0.422362
2.88%$7.75
0.59%$37.61
11.31%$47.25
5.84%$0.999901
-0.00%$0.166154
9.19%$0.059962
-1.57%$0.999725
-0.01%$1.38
17.43%$0.04252486
18.33%$2.29
3.80%$0.163964
8.14%$0.415238
13.41%$1.091
0.01%$0.998281
2.21%$0.0000004
0.84%$0.00429359
23.85%$5.58
8.60%$1.00
0.01%$0.330361
16.25%$0.00675199
17.25%$1.002
0.50%$2,434.97
8.40%$13.67
10.05%$0.114878
10.43%$0.00001895
7.00%$2,596.29
9.36%$0.498428
12.00%$2.26
7.54%$0.368168
14.40%$0.00366096
32.04%$0.97194
14.72%$0.00000093
14.34%$0.502451
4.07%$1.16
14.53%$0.070418
11.13%$0.00404764
3.12%$1.43
11.35%$0.347759
3.63%$0.03524225
7.60%$2,687.55
8.95%$0.03430479
0.53%$0.162727
0.45%$1.17
4.35%$5.11
5.16%$0.133235
14.42%$105,154.00
4.00%$2,666.28
8.99%$105,030.00
4.86%$19.74
1.76%$0.999939
0.00%$0.01669451
1.29%$0.999393
0.06%$2,437.35
9.00%$157.20
9.26%$0.999244
-0.12%$0.779283
24.75%$0.03100823
6.63%$0.00005534
4.87%$0.999951
0.02%$1.10
8.25%$9.98
2.07%$2,437.30
8.93%$0.704444
4.51%$0.444648
6.57%$0.295832
16.07%$109.97
7.21%$0.04501718
12.87%$0.00343133
7.61%$0.061819
11.58%$105,750.00
4.87%$0.622472
18.92%$18.15
8.73%$0.605558
9.77%$0.00519982
13.38%$1.001
0.14%$1.67
-0.58%$102,597.00
5.68%$1.20
0.65%$0.0000013
-1.46%$0.180887
6.13%$1.016
-0.07%$2,116.03
4.10%$6.15
13.18%$102,252.00
3.79%$0.18192
8.14%$0.00365832
13.64%$14.58
4.65%Reading
Back in May, the reward for mining new Bitcoin was cut in half. But so popular is Bitcoin, that miners have ramped revenues right back up to pre-May levels, data from market analytics firm Glassnode shows.
Due to a feature baked into the Bitcoin protocol, the reward the network provides to miners for processing transactions cuts in half approximately every four years. This event, known as the Bitcoin Halving, effectively means that miners have to work twice as hard to make the same profits.
The logic is that, as more Bitcoin gets mined and more people use the network, it becomes harder to mine Bitcoin and thus its value increases.
And so it was, that on May 11 the total mining revenue for Bitcoin miners fell from $19 million to $7.9 million. Then, almost on cue, mining revenue started to pick back up as more powerful miners went online and the price of Bitcoin increased.
But things didn’t get too crazy until this month, when prices hit highs unseen since the December 2017 bull run. On November 1, mining revenue was up to $13 million per day.
And then on November 9, it happened: Bitcoin mining revenue rivaled that of pre-Bitcoin halving days, at $19.9 million, almost a million dollars higher than in May.
#Bitcoin miner revenue is back at pre-halving levels.
Chart: https://t.co/Ao9DodRwqi pic.twitter.com/PwUHPaKz8L
— glassnode (@glassnode) November 18, 2020
The subsequent days haven’t observed a massive dip, either. As of yesterday, the most recent day for which Glassnode shows data, the Bitcoin mining revenue of all miners hit $18.3 million.
Part of the fluctuation has to do with the price of Bitcoin. Mining hash rate—the combined computational power of Bitcoin miners—had hit pre-halving highs as early as July, according to data from BitInfoCharts.
But while Bitcoin’s price stagnated over the summer, its bull run this month lined miners’ wallets.
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