The recent BTC run has borne good news for two important parts of the Bitcoin ecosystem — investors and miners.Data from on-chain tracking firm Glassnode shows miner revenues are back at pre-halving levels, i.e. before May 12 of this year. These are the same as when block rewards were double those of today.
#Bitcoin miner revenue is back at pre-halving levels.
Chart: https://t.co/Ao9DodRwqi pic.twitter.com/PwUHPaKz8L
— glassnode (@glassnode) November 18, 2020
Bitcoin mining is an important, but intensive, part of the asset’s ecosystem. Miners armed with multimillion rigs build out complex infrastructure to maintain the Bitcoin network and receive BTC rewards for each block they mine (requiring millions of mathematical calculations each second).The upkeep of this requires big money, as not only does the setup itself cost thousands of dollars for a single miner, but maintenance, labor and electricity costs, and cooling the mining rigs brings up a huge bill for miners each month. Add to this repair costs and other unforeseen difficulties.