Scott Chipolina

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. 

> #Bitcoin miners be happy.
> 
> Current revenue: $33 million / day
> 
> Between the last halving and October, the average daily revenue was at around $10M.
> 
> And only within 5 weeks in late 2017 has this number been higher.
> 
> The mining death spiral at play.
> 
> Chart: https://t.co/Z9u9dMK1vx pic.twitter.com/a894cKT07k
> 
> — Rafael Schultze-Kraft (@n3ocortex) January 6, 2021

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.

XRP Petition to the White House Hits 35,000 Signatures
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?


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<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.\r\n\r\nBitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.\r\n&quot;}" data-sheets-userformat="{&quot;2&quot;:803,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;11&quot;:4,&quot;12&quot;:0}">Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.</span>

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin

Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Total Bitcoin mining revenue has reached heights not seen since the end of 2017. Image: Shutterstock

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

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Bitcoin mining revenue has reached a high last seen in 2017, according to Glassnode CTO Rafael Schultze-Kraft.

Bitcoin Miners Are Now Making $33 Million a Day

Bitcoin mining revenue has reached a high last seen in 2017, according to Glassnode CTO Rafael Schultze-Kraft.

In brief