Bitcoin Mining Revenue Hits Record High of $1.2B

Bitcoin mining income peaked at $1.16 billion in November 2023, and miners collected file excessive charges on this month as properly, knowledge from The Block shows. Within the second to final month of the yr, Bitcoin miners had a heyday, boosted by rising costs and a big progress in switch charges. Charges accounted for simply over $142 million of the entire income of $1.16 billion.

Fluctuating earnings since earlier peak in Might

The efficiency in November surpassed the earlier peak reached in Might 2023, the place Bitcoin miners amassed $919.22 million in income, together with charges of $126 million. Earnings fluctuated between Might and November 2023, with charges various from about $17 million to $38 million in June.

Hash value is down

The income in November represents a 26% progress in comparison with Might. Apparently, the hash value was increased in Might than in November. The hash value is the each day earnings generated per petahash per second (PH/s). One PH/s of hash energy amounted to simply over $124 on Might 8, in comparison with $96 per PH/s on November 18.

Slight enhance in transactions

There was a slight enhance in Bitcoin transaction processing this month: 16.42 million transactions vs. 16.3 million in Might. Furthermore, Bitcoin’s on-chain each day quantity in US {dollars} reached its second-highest stage this month as properly. It didn’t prime the file of 2023, which was on October 29.

Latest milestones in Bitcoin mining

In October, Pennsylvania legislators removed a two-year crypto mining ban from the Cryptocurrency Power Conservation Act, citing stress from commerce labor unions.

In November, Bankless Occasions reported that China’s ban on crypto mining resulted in a 34% drop within the related carbon footprint. Previous to the ban, China accounted for roughly 70% of the world’s BTC hashing energy, which dropped to 21% in 2022.