3 December 2020
As per the on-chain data, bitcoin mining revenue has returned to the pre-halving levels when the reward for block production was still 12.5 BTC. This proves that an increase in bitcoin price has brought miners back to the previous halving profit of May month.
Glassnode, the crypto on-chain analytics platform, shared the report on Thursday stating that bitcoin mining revenue has reached its halving levels. On Blockchain.com, the data shows that miners earned about $21.194 million as of November. This also includes the transaction fee they received from coinbase block rewards.
Today bitcoin mining revenue earned by the miners was the same on 5th May which was $20 million. This takes the bitcoin mining revenue to the highest level for the year. At the time of halving, bitcoin was trading around $9,000 and today the leading crypto is worth $17.893 on Coinmarketcap, after a yearly high above $18,300.
The price of bitcoin has doubled after halving and it is said that miners are going to massively sell their Bitcoin in order to recover expenses incurred during the time while still staying in profit. Bitcoin has increased from the $17,000 level to the yearly high yesterday, it’s hashrate also increased to as high as 160.82 EH/s on November 18.