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 minersminers. 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.
Over 35,000 people have signed an online petition asking the US federal government to deem the cryptocurrency XRP a currency.
On December 22, 2020, the Securities and Exchange Commission (SEC) announced an action against Ripple Labs Inc. and two of the company’s executives, alleging they raised over $1.3 billion through an unregistered digital asset securities offering. This has caused mass delistings of the token and caused its price to crash. Now, thousands of frustrated XRP fans are throwing...
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?
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS).
This is the seventh installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, I study the relationship between Bitcoin and gold, and explore whether Bitcoin can replace gold.
For centuries, gold has been the ultimate store of value...
The debate over whether Bitcoin is best suited for payments or as a store of value is flaring up again. This time, it comes after the price to send the leading cryptocurrency has been slashed.
Top Bitcoin blockchain explorer Mempool posted this week that now users of the biggest crypto network can pay as low as 0.1 satoshi per virtual byte (sat/vByte) to get their transactions processed. A satoshi is the smallest unit of Bitcoin, with 1 satoshi equaling 0.00000001 BTC.
Previously, it would cost...
Ethereum’s price has increased at nearly twice the rate of Solana’s over the past month, but the outperformance will likely be temporary, according to Adrian Fritz, head of research at Switzerland-based asset manager 21Shares.
Although Ethereum is the most secure and decentralized smart contract platform, Solana is still a smaller project with more upside, partly due to its community of developers that are constantly striving for “better execution,” he told Decrypt on Friday.
“Ethereum was almos...