Bitcoin miners have had a remarkable month, surpassing their November earnings and raking in an impressive $1.33 billion in December with still a couple of days to go. This surge in revenue can be attributed to the surge in bitcoin prices, although there has been a slight decrease in the hashprice compared to 30 days ago. The hashprice, which indicates the estimated value of 1 petahash per second (PH/s) of SHA256 output, has dropped from $61.78 to $55.57. Despite this, Bitcoin’s hashrate has hit an all-time high of over 805 exahash per second (EH/s) in the same 30-day period.
On December 29, there is a scheduled difficulty adjustment expected to result in a minor increase. This adjustment is necessitated by block intervals being discovered slightly quicker than the 10-minute target, averaging at 9 minutes and 53 seconds. Currently, the total computational power of the network stands at 791.45 EH/s, with 65 entities contributing to BTC mining operations, each with at least 286.33 kilohash per second (KH/s) or more.
Despite the dip in hashprice, December’s revenue has already surpassed November’s total of $1.21 billion. Of the revenue generated in November, $38.73 million came from onchain fees. In December, miners have so far earned $37.69 million from onchain fees, with the remaining $1.29 billion coming from Bitcoin’s subsidy. With just a little over 48 hours left in the year, it is highly likely that miners will see a higher amount in fees this month compared to November.
As we approach the end of the month, the mining sector appears primed for further growth, fueled by the increasing computational power and sustained market demand. Despite occasional fluctuations in profits, the industry continues to thrive, driven by technological advancements and expanding operations. It is evident that Bitcoin miners are set to end the year on a high note, showcasing the resilience and potential of the cryptocurrency mining industry.