Mining revenue growth was helped by the leading cryptocurrency’s performance last week following a string of positive developments, culminating in bitcoin (BTC, -1.2%) hitting new record highs over the weekend just below $50,000. “Despite decreasing block reward, mining revenue on a USD basis has trended upwards,” said Ethan Vera, co-founder of Seattle-based mining company Luxor Technology, in a direct message with CoinDesk. “This is encouraging for the long term prospects of Bitcoin’s security and continued investments over the next few halving.”
Weekly revenue eclipsed the previous record of $340 million set in mid-December 2017 near the peak of bitcoin’s prior bullish market cycle. CoinDesk revenue estimates based on network fees and block subsidy data from Coin Metrics assume miners sell their bitcoins immediately. Over 15% of the week’s revenue was from network fees, continuing a trend of strong growth in fee-based revenue from May 2020, per CoinDesk’s prior reporting.
Bitcoin Miners Posted $354M in Revenue Last Week, Breaking Record From 2017, CoinDesk, Feb 15
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