As the price value of Bitcoin is booming, the mining revenue also jumps. The daily mining revenue has reached its highest position of $33 million in a single day.
The primary catalyst underlying increasing mining profit is the rising price of Bitcoin. The top digital coin has witnessed an all-time high of $36,000 in yesterday’s trading session. Over the recent few months, the leading cryptocurrency has seen an exponential increase in the price value.
$33 Million in a Day
With the increase of value, mining revenue has also seen an evident rise, which is good for blockchain and the crypto industry. According to Glassnode CTO Rafael Schultze-Kraft, the $33 million figure submits the first time since 2017.
During the great bull run in 2017, the mining revenue figure remained above $33 million for five days. The on-chain metrics notes the revenue has increased enormously since Christmas. Glassnode CTO claims that miners seem happy with this new achievement.
In October, the average mining revenue was hovering at around $10 million. “Between the last halving and October, the average daily revenue was at around $10M. And only within 5 weeks in late 2017 has this number been higher,” Rafael Schultze-Kraft added.
The dominance of China in the mining industry is diminished as control is moving towards North America. In the past two quarters, 60% of orders of miners were from North America. Mustafa Yilham of Bixin Wallet said:
“Around 60% of the mining machine sales in the past two quarters or so have been outside of China and mostly in North America.”
People from all over the world are purchasing miners to mine Bitcoin. If this trend continues, the industry will become more decentralized than ever. “Bitcoin mining over the next one to two years will be more decentralized,” Yilham added.
The decentralization of the sector is more beneficial as it will secure the Bitcoin network. On the other hand, Centralization can pose a threat and may challenge the decentralized nature of Bitcoin. People of North America are playing a significant role in the decentralization of the mining industry.
Iran’s government has started a crackdown on illegal operators of crypto mining. Financial Tribune reported that the government had closed a total of 1,620 illicit farms operating across the country. A legal prosecution will be initiated against the illegal entities because they are responsible for great loss due to illegal power consumption.