Bitcoin miners’ revenue hits year-to-date high

On November 18, miners’ daily revenue stood at $21.19 million. This was a record for 2020, according to Blockchain.com.

Source: Blockchain.com.

Analytical firm Glassnode noted that the figure had returned to the pre-halving levels observed earlier. According to its data, on November 18 miners’ revenue reached a record $20.48 million.

#Bitcoin miner revenue is back at pre-halving levels.

Chart: https://t.co/Ao9DodRwqi pic.twitter.com/PwUHPaKz8L

— glassnode (@glassnode) November 18, 2020

Miner revenue collapsed after the block reward was halved on May 10. At the same time, the hash rate fell sharply.

The hash power started to recover in June, and in October reached an all-time high. At the end of the month occurred another drop, which analysts linked to the end of the rainy season in China’s Sichuan province.

Source: BitinfoCharts.

The growth in miner revenues in November came amid the biggest drop in mining difficulty since 2011, the recovery of the hash rate, and a Bitcoin rally, which at its peak surpassed $18,400.

Earlier media reported about problems facing Chinese Bitcoin miners in paying electricity bills.

Subscribe to Forklog news on Facebook!