According to the data shared by an analysis site on November 18, it was announced that there was a significant increase in the revenues generated by Bitcoin (BTC) mining. Accordingly, mining revenues have returned to pre-halving levels.
Bitcoin has officially taken over the agenda with its recent rise. The leading cryptocurrency, which continues to keep investors happy, also seems to make miners happy. Data recently shared by analysis site Glassnode shows that revenues from Bitcoin mining are returning to pre-halving levels.
Bitcoin mining rewards halved from 12.5 BTC
In every halving period, there is a “halving” in the revenues generated by Bitcoin mining. Since a limited number of Bitcoins (21 million) must be produced, the closer to the limit, the harder it is to produce Bitcoins. Bitcoin mining revenues dropped by half were supposed to be against miners in theory. However, the recent peak run of the Bitcoin price brought the value of mining rewards to pre-May levels, which had recently dropped with the halving in May.
Bitcoin was trading at $ 9,000 during the mid-May halving. The mining rewards determined before the halving were 12.5 BTC. The value of the prizes falling to 6.25 BTC after the halving has returned to its levels in mid-May due to the Bitcoin price, which started trading at $ 18,000. While Glassnode shared this data on Twitter, the website Blockchain.com, which tracks the block awards, confirmed this.
#Bitcoin miner revenue is back at pre-halving levels.
— glassnode (@glassnode) November 18, 2020
Mining revenues were very low at some point this year, following the collapse in the cryptocurrency market caused by the epidemic. However, according to recent data, daily revenue, including block rewards and transaction fees, saw the year high on November 18 with $ 21.2 million. This amount most recently reached its peak on May 6, with $ 20.6 million. It will not be a surprise that the amount will increase even more in proportion to the increase in the bitcoin price.