18.10.2021

Bitcoin mining has set a record for profitability. How much money do the main cryptocurrency miners make?

According to the Clark Moody Bitcoin platform, Bitcoin miners earn approximately 0.97 BTC in fees per block. This is an average value calculated based on information on the profitability of mining BTC for the last 2 thousand blocks .

In other words, in some periods of time, miners managed to earn even more than 1 BTC in the form of block fees, while the fixed block reward is 6.25 bitcoins. Moreover, the profitability indicator has only been growing in recent weeks. Let’s talk about the situation in more detail.

Recall that a block in cryptocurrencies is a file that contains a specific set of data. In this case, we are talking about the transactions that were carried out the day before, the amounts of transfers, the time and addresses of the interacting parties. Until the transactions in the block hit the blockchain, they are considered invalid. The more the user pays the commission for the transfer, the faster it will happen.

Note that it is the limited size that is “to blame” for the fact that the cryptocurrency network can handle a relatively small number of transfers per second. However, certain efforts were made to increase it. Read more about the situation in a separate article .

Bitcoin mining profitability

Recall that for each block mined, the miner receives a standard reward equal to 6.25 BTC in this cycle. The next cycle will begin with a new halving – that is, the procedure for reducing the reward in half – during which the amount of reward in bitcoins will fall. In addition to the main reward, miners also receive income from commissions.

Recently, their value has increased dramatically. According to the BitInfoCharts platform, the average transaction fee on the BTC network is currently just under $ 20 . In general, the day before, miners earned about $ 40 million per day , with commissions accounting for 13.47 percent of this amount .

Changes in fees in the Bitcoin network in the last 3 months

We checked the current data: the rate of earnings of Bitcoin miners during the day is at an all-time high. Yesterday it was the equivalent of $ 50.35 million, and the day before yesterday the figure set a record of $ 50.59 million – that is, this is how much miners around the world earn on cryptocurrency during the day. It is noteworthy that the previous high of 50.05 million was held since December 19, 2017.

Bitcoin miners profit graph

This trend suggests that as bitcoin mining rewards decrease against the background of halving, fees may continue to grow and replace the main amount of income. Thus, they provide a constant economic incentive for miners who keep the main cryptocurrency network operational and secure. This is the scenario that miners should count on when the last coin is mined on the Bitcoin network.

However, there is one problem with all this: from the point of view of the average user, bursts of growth in commissions make the Bitcoin network unusable for frequent use. Such a trend may even scare off potential BTC buyers, whose capital is relatively small.

However, according to Pedro Febrero, an analyst at Quantum Economics, fees are skyrocketing with each new wave of digital asset adoption. The expert hopes that this problem will soon be solved using the Lightning Network .

In terms of market dynamics, miners’ tactics remain centered around long-term storage of bitcoins. According to the analytical platform Glassnode, the main pressure from sellers on the BTC rate is now exerted by investors who take profits from the growth of the cryptocurrency price. But the volume of coins sold by miners in February continues to fall, reports Cointelegraph .

The volume of coins sold by miners against the background of the Bitcoin price. The red arrow indicates the volumes withdrawn by the miners for January, the green indicates the volume of sales since the beginning of February

То есть майнеры в последнее время продают меньше добытых монет. Это значит, что они скорее всего рассчитывают на увеличение курса Биткоина в ближайшем времени.

В недавнем отчете Glassnode утверждается, что майнеры и долгосрочные инвесторы являются двумя основными продавцами биткоинов во время бычьих трендов. Снижение оттока криптовалюты со стороны майнеров можно рассматривать как позитивный индикатор для роста криптовалюты, поскольку майнеры либо уже покрыли свои эксплуатационные расходы, либо накапливают монеты на фоне новостей о крупной инвестиции Tesla в BTC.

В отчете также упоминается так называемая «Свеча Илона» на прошлой неделе — самая большая дневная свеча на графике в истории BTC, которая была сформирована после объявления об инвестициях Tesla. Буквально за считанные часы цена Биткоина взлетела вверх на 18.5 процента. Рассматривая индикатор Average Spent Output Lifespan (ASOL) Биткоина — показатель, который измеряет средний возраст в днях всех израсходованных выходных транзакций — эксперты Glassnode пришли к выводу, что долгосрочные инвесторы использовали новости Tesla для фиксации прибыли.

«Свеча Илона» на графике Биткоина

Однако как показывает сегодняшний день, Биткоин нашёл силы на прыжок ещё выше даже спустя несколько дней после выхода новости.

Еще один индикатор Coin Days Destroyed (CDD) — это показатель экономической активности, придающей больший вес монетам, которые не были потрачены в течение длительного времени. Он также показывает, что старые монеты перераспределяются между криптокошельками. Другими словами, долгосрочные инвесторы фиксируют прибыль ещё с октября прошлого года, когда BTC превысил отметку в 12 тысяч долларов.

В целом, это ожидаемая тенденция: периодическая продажа монет по мере роста цены BTC является разумной стратегией со стороны инвесторов. В то же время рынок ещё не достиг пика текущего бычьего цикла, а значит в среднесрочной перспективе рост стоимости главной криптовалюты имеет все шансы на продолжение.

We believe that the situation is positive. Users continue to use the Bitcoin and other cryptocurrencies network despite high fees. This means that the value of coins and working with them are of much greater value and profitability.

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