This Thursday, Bitcoin mining experienced a golden hour in terms of income, which reached 4 million dollars. It is the peak of entries by those who are dedicated to the extraction of that cryptocurrency.
Two factors are responsible for this income. First of all, there are the rewards for mined blocks that the Blockchain network pays to miners. Although in BTC it is 6.5 coins for each block, in dollar equivalent, it has skyrocketed due to the unprecedented rise in the price of Bitcoin.
The second factor that increases the amount of income of miners is the transaction fees. The high price of Bitcoin, which surpassed the barrier of 48 thousand dollars during that day, increased the number of transactions. In other words, the network was bottled up, so transactions increased in value on it.
One of the best times for Bitcoin mining in its history
The mining of the main cryptocurrency, Bitcoin, had a great moment yesterday thanks to the factors mentioned above. This confirms, once again, that the business is one of the most profitable globally today.
It should be remembered that digital mining consists of solving mathematical puzzles with the help of specialized equipment. The resolution of the same allows to organize the transaction blocks correctly and maintain the health of the network. As an incentive, the Blockchain pays miners a certain amount of coins to do that encryption work.
In addition to this, the traffic on the network and the rise in transaction fees (currently a little more than 25 dollars), give you an extra profit. Thus, the increase in commissions becomes counterproductive for those who are dedicated to the trade and exchange of currencies. However, for miners, it translates into higher income.
According to data from the analysis firm Glassnode, in just one hour, the miners received $ 4 million. All this indicates that that golden hour that Bitcoin mining lived, makes it more attractive for investors.
Major cryptocurrency miners aren’t the only winners
But Bitcoin miners are not the only ones who have seen huge income from their activity. For their part, the extractors of ETH, the native currency of the Blockchain network of the Ethereum project, recently, last Thursday, February 4, obtained about 3.5 million dollars in the same period of time.
In that sense, the good moment that cryptocurrencies are living, driven by large investments, stands out. In the particular case of Ethereum, its currency, has appreciated significantly, reaching several times its record price.
Going back to Bitcoin mining and yesterday’s golden hour, it must be said that expectations are for this record to be broken. Millions of merchants in the world are attentive to the price movements of this currency, which threatens to conquer 50 thousand dollars soon.
This last fact would lead to greater competition for transactions, increasing the collection rate for them to a greater extent.
Sky-high daily earnings
Another aspect that must be taken into account is the daily income of the miners. It has long remained well above the input received by miners before Halving last May, when the block reward was cut in half.
According to data from the company Blockchain.com, the daily earnings that go into Bitcoin mining exceeds 47 million dollars.
Data to take into consideration
- Bitcoin mining reports dizzying profits thanks to the bull run of this cryptocurrency, which experienced a historic hour yesterday.
- This Thursday, in just one hour, the miners of the main cryptocurrency in capitalization, received 4 million dollars.
- The inflow of money from miners comes from two sources. Network rewards per block mined and transaction fees.
- In this way, the Bitcoin mining business remains one of the most advantageous and attractive for investors.