Bitcoin Miner Earnings Increase By Double Digits As Price Recovers
The income of Bitcoin miners fell during the last few months as the price had fallen. It had dealt a massive blow to the miners whose primary income depended on the price of bitcoin. As such, their activities had been crippled, and a good number were at risk of bankruptcy. The last few weeks have also seen a steady decline in daily miner earnings, but this has changed in the last week following the bitcoin price recovery.
Mine revenues jump
Daily miner earnings had finally fallen below $18 million two weeks ago, setting a new annual low. This had driven down the profitability of the mining business for miners and they had to sell a good portion of their bitcoin holdings. However, miner earnings did a complete 180 in the last 7 days.
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Reports from Arcane Research show that daily miner earnings had grown by double digits in the past week alone. They had jumped from last week’s $17.7 million to add nearly $3 million daily over the past seven days. This had led to a change of 15.46% in this time period, painting a better picture for miners going forward.
BTC trading north of $23,000 | Source: BTCUSD on TradingView.com
The recovery had stalled with bitcoin eventually breaking above $23,000 and even briefly at $24,000. During this time, network activity had increased and there was a significant jump in daily transaction volumes. This metric had registered an increase of 21.20% in one week.
Bitcoin is mostly green
The daily bitcoin mining revenue and daily transaction volume weren’t the only things to see green for the week. Other calculations came out in favor of the digital asset for the same time period. Among these, the average transaction value rose 19.68%, accounting for the second largest increase for the week.
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Most interesting was the blocks per hour mined. This showed the decrease in mining difficulty as the blocks produced grew by 6.13%, from 5.54 to 5.88. In addition, average transactions per block increased, but not by a large margin, from 1,754 6 to 1,776, representing an increase of 1.27%.
On the flip side, the fees per day realized by bitcoin miners were down by 3.81%. The previous week has averaged out to $458,669, while last week’s figure was $441,196. This obviously affected the share of revenue consisting of fees which fell 0.43%.
Featured image from Newsweek, chart from TradingView.com
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