Bitcoin investors and traders are not the only ones enjoying the bullish ride in the cryptocurrency market, the miners are equally included. Recent on-chain data shows that Bitcoin mining revenue has returned to the pre-halving levels when the reward for block production was still 12.5 BTC. This shows that increases in the crypto price have driven miners back to the previous level of profitability before May 11.
#Bitcoin miner revenue is back at pre-halving levels. Chart: https://t.co/Ao9DodRwqi https://pic.twitter.com/PwUHPaKz8L
— glassnode (@glassnode) November 18, 2020
Bitcoin mining revenue reaches another 2020 ATH
On Thursday, the crypto on-chain analytics platform, Glassnode, shared the development, saying the Bitcoin mining revenue has surged to the levels not seen since the halving six months ago. A further at the Bitcoin network explorer, Blockchain.com, shows that the miners earned about $21.194 million as of November. This accounts for the transactions fee they earned, including the coinbase block rewards.
For the context, the closest Bitcoin mining revenue to the record today was observed on May 5, where miners earned about $20 million. Therefore, the current reward accounts for the year’s highest level. When Bitcoin halved, it was trading at a price of around $9,000. Fast forward to today, the leading cryptocurrency is worth $17.893 on Coinmarketcap, after a yearly high above $18,300.
Bitcoin hashrate drop
With almost double the BTC price after halving, miners are likely to trigger massive selling of their Bitcoin in order to recover expenses incurred during the time while still staying in profit. Meanwhile, as Bitcoin surged on November 17 from the $17,000 level to the yearly high yesterday, it’s hashrate also increased to as high as 160.82 EH/s on November 18, according to Coinwarz.
Just as the cryptocurrency has retraced in price, the hashrate has also decreased to 139.87 EH/s.