Bitcoin miner revenue surges to pre-halving levels

0

As the Bitcoin (BTC) price is reaching its highest levels since January 2018, Bitcoin mining is getting more profitable due to a number of factors.

According to data from Blockchain.com, BTC miner revenue has soared to levels not seen since Bitcoin’s third halving in May 2020, which reduced the miner block reward from 12.5 BTC to 6.25 BTC.

As such, BTC miners’ revenue hit $20.8 million on Nov. 4. According to Blockchain.com, this is the highest point recorded since September 2019, when the miners’ block reward was twice as much as now.

BTC miners revenue (USD). Source: Blockchain.com

A spike in BTC miner revenue levels is coming from the Bitcoin price doubling since May’s halving. On Nov. 4, the price reached a new 2020 high at $15,950, jumping more than 20% over the past seven days.