Bitcoin mining revenue reached the top of $14 billion

by in Cryptocurrency News

Bitcoin mining revenue reached the top of $14 billion

Bitcoin mining profits approach its all-time high - $14 billion, according to information provided by Coin Metrics. Even when the BTC mining hash speed has been rising and this was making mining less valuable, miners of the leading coin are still receiving more than ever.

It lasted eight years before Bitcoin mining profit broke $5 billion for the first time and only an extra 8 months to reach $10 billion in August 2018. It’s expected that with a slowing speed of new revenue it will reach $15 billion in 2020.

The Bitcoin hashrate has thus dropped since the last months of 2017 when Bitcoin passed on its raging bull run. At the first period of 2018, it was at 15 exhashes per second, increasing to 2018's top of 60 exhashes per second in September. In recent months, Bitcoin's hashrate has touched new all-time-highs.

Related: Burger King Venezuela now accepts crypto payments

While the hashrate has grown, the revenue has progressed at a greater rate. So, while miners aren't drowning in all $14 billion in revenue—they're still making an enormous gain. But as the hashrate maintains growing, while the cost contests, this could be at peril.