In brief

  • Bitcoin total mining revenue has hit $33 million per day.
  • Total mining revenue has only been higher during a short period in December 2017.
  • Current figures are also up by about 90% since the days before Christmas last year.

Bitcoin mining revenue is at $33 million per day, according to Glassnode CTO Rafael Schultze-Kraft—a figure that hasn't been seen since 2017.

Bitcoin mining revenue tracks the total revenue generated by Bitcoin miners. At $33 million per day, the rate has increased to a point that has only been beaten for a total of five days during Bitcoin’s famous 2017 bull run in December 2017. The increase also represents a major spike in revenue since Christmas. 

“Bitcoin miners are happy,” tweeted Glassnode CTO Rafael Schultze-Kraft. 

On December 16, 2020, the total Bitcoin mining revenue was at $17 million, which means the total revenue has increased by over 90% since Christmas and the start of the new year. 

This spike however, is not unprecedented. On December 18, 2017, the total Bitcoin mining revenue hit just under $50 million. This spike was achieved just one month after revenue figures were only around $17 million.

Coinciding with the infamous price crash that followed the 2017 Christmas bull run, total Bitcoin mining revenue fell to $16 million by mid-February 2018. Might that happen again?