Bitcoin is indeed one of the most lucrative investments in today’s financial market, and this is a fact that cannot be argued. While other ventures promise massive profits in the financial sector, Bitcoin has been able to place side by side with some while upsetting the others on the scale. Another lucrative business aside from investing in digital assets is the mining of digital assets.
Going by the latest on the mining scene, Bitcoin miners are racking in massive amounts of funds in the past few weeks going by the surge in the price of the digital asset. A previous report that Glassnode submitted noted that the miners have already seen a massive return of $52.3 million per day in the last few weeks.
Miners daily revenue now $60 million per day
The new metrics published by the analysis firm noted that the miners have once again seen a significant boost in the returns they get daily. Glassnode pointed out that with Bitvoj currently pushing for another all-time high, miners’ revenue has jumped to a region above $64 million per day since last week.
Since the beginning of this month, miners have seen their revenue increase as the month progressed. The miners recorded a massive return of $54.6 million on March 3, while March 10 saw them record a figure close to $57.7 million. While that looked like the miners’ biggest earnings, they saw their daily earnings further rise again as they recorded a massive $60 million on March 12.
Noticeably, the miners’ revenues are from block rewards and the fees that they charge on transaction fees. Even though the figures looked enticing, an analyst of the company has pointed out that the figures are not always that way every other day.
Glassnode calculated the revenue using the 14-day moving average
To calculate the previous $52.3 million revenue that they got, Glassnode noted that they used the 14-day moving average to arrive at the figure. In his statement, the author of the report pointed out that the figures are not sustained because there are some days that things go very quiet. He also pointed out that other days, the figures shoot through the roofs.
He also gave a review of the rewards as a very welcome and nice development going by the fact that the rewards of the leading digital asset was halved towards the middle of last year. Bitcoin underwent its much anticipated halving last year as the miners saw the rewards they get from a block cut from 12.5 to 6.25 BTC.
He also said that since miners’ earnings are always calculated using US dollars, they did not see their rewards record a decline. Also, miners have seen their rewards stay around 1,000 BTC per day since the halving took place, with the subsidy of 900 BTC in the block making up the numbers. Transaction fees are also not stable, with the miners registering profits ranging from 75 to 125 BTC per day.