Bitcoin Miners Raked in a Record $1.75 Billion in Revenue in March; Making a Hatrick of Over $1 Bln
Bitcoin miners earned a whopping $1.5 billion in revenue in March, making a new record in monthly revenue as the price of Bitcoin made a new all-time high at $62,000 in the month.
Interestingly, this $1 billion threshold was crossed by mining revenue for the first time in Jan. 2021 after Jan. 2018. But it is all the subsidy and revenue from transaction fees still make up a very small portion of it.
Miner revenue is on an uptrend ever since September, when Bitcoin was worth just $10k, and monthly miner revenue was mere $329 million. Compared to the 510% increase in the price, the miner revenue has jumped by 373%.
Given that new mining equipment is estimated to be delivered at the end of the year or early next year, those with a well-established setup have been raking in the bigger portion of this revenue.
Publicly listed mining company stocks are actually enjoying more uptrend than the price of BTC itself.
As more and more miners enter the market to take advantage of the bull market, the network’s hash rate surged to a new all-time high. And as more hashing power is added to the network, the difficulty has also made an all-time high today.
Bitcoin’s mining difficulty recorded an increase of about 6% to 23.1 trillion.