Bitcoin miners achieved $ 1.5 billion in revenue in March, a monthly record for the 12-year-old blockchain network when Bitcoin (BTC) was priced above $ 50,000.
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- “Few expected the scale of this bull run in September 2020. At the time, the miners’ monthly turnover was $ 329 million. Since then, revenue has increased 373%, ”according to a new report from Norwegian analytics firm Arcane Research.
- Miners get Bitcoin when they add a new block of transactions to the blockchain that they can later sell in the market to fund operating costs or just to cash out. Transaction fees are another source of income.
- “The recent surge in mining revenues is rewarding miners who had an established setup prior to the Bitcoin bull run or a great third quarter 2020 foresight.”
- According to Arcane, new mining machines are expected to be delivered in November 2021 and January 2022, which could contribute to a higher computing power (hash rate) with which transactions are mined and processed.
- Listed mining stocks largely tracked Bitcoin price in March. RIOT Blockchain, a Bitcoin mining company (NASDAQ: RIOT), is up 23%, up from BTC’s 26% increase for the month to date at the time of writing.
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