Bitcoin mining is usually sharply gaining popularity immediately when the price of cryptocurrency rises. Since over the past few months the rate of BTC has increased significantly, many people have become interested in this topic. By the way, the Bitcoin hash rate – that is, the total number of miners’ capacities in the network – has recently reached a historical maximum.
The last time the maximum was updated yesterday.
But the main question asked even by people who are far from the crypto industry is how much can you earn on Bitcoin mining? The Blockchain.com service provides detailed statistics on this issue. Today we will try to analyze the main metrics that relate to the extraction of coins.
Is It Profitable To Mine Bitcoin?
The profitability of BTC mining depends on the value of the asset itself. Today, Bitcoin is trading near $11,416. Over the past day, the price of cryptocurrency increased by 0.74 percent.
The dependence of the value of a digital asset and the profit of miners is clearly visible on the chart. Almost every BTC growth cycle (except for 2012) coincides with a sharp increase in the profitability of coin mining. The sharpest rise of this metric occurred just at the end of 2017, when Bitcoin reached its historical maximum. Then, in just one day, cryptocurrency miners earned 53,191,582 dollars.
Later, daily income fell sharply to $43 million, and then completely dropped to $5.2 million by the beginning of 2019.
Statistics for the past year demonstrates a pronounced increase in profitability. On the chart uptrend outlined in April. Just at the beginning of this month, Bitcoin for the first time in a long time made it above $ 5,000. Yesterday, the total income of miners was $ 27,112,260.
Note in addition to the block reward itself, miners also get profit as transaction fees. In the previous graphs, this metric is taken into account, below is the statistics of its value for the last year. It turns out that lately, the remuneration for transactions has begun to decline rapidly. At the same time, even yesterday, miners got $843 thousand as fees.
Finally, the last metric is the total income of miners divided by the number of transactions in a certain period of time. Since April, this value is also growing, which can be explained by the increase in the Bitcoin price. Accordingly, the higher the price, the more miners receive and the greater is the result of dividing their income by the number of transactions. Yesterday, the miner’s average income per transaction was $ 72.
We can conclude that in spite of all the statements of the industry opponents, mining Bitcoin is a very profitable business. At the same time, it will be such a long time. Of course, the miners’ expenses in the form of hardware maintenance, room rental and electricity are not taken into account. However, even the growth of hash rate indicates a high interest in mining.