Bitcoin Miners Made $14 Billion So Far By Securing The Network

The all time revenue for bitcoin miners appears to grow as we speak. Currently, we can see that the revenue so far for these cryptocurrency miners has topped $14 billion according to fresh data from Coin Metrics.

In fact, the latest cryptocurrency news about the BTC mining and stats were first reported by Yahoo! Finance on August 30. Despite the massive increase in the network and its hash rate (a factor which depresses the profitability of mining) there is still more money in the game for Bitcoin miners now – compared to ever before.

The report also goes to add that as of the Bitcoin network and its inception, it took more than eight years for miners and their total revenue to break past the $5 billion mark. The coming altcoin news feature the report stating that the next $5 billion were exponentially faster, taking only eight months for the revenue to break $10 billion.

If the current mining profitability remains on track, the $20 billion revenue mark will be broken at some point in 2020. The $14 billion figure, as reported by many best cryptocurrency news sites, is a more impressive unit given the network’s hash rate. Since it has been on a tear for a couple of months now, there is a new all time high posted just today at 83.
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5 TH/s by press time.

Bitcoin miners are probably excited when reading this – just as they are excited when thinking about expending the record levels of computational processing power in order to solve, validate blocks and pocket their rewards.

Meanwhile, higher compute intensity means that the operational costs for miners are higher. However, the robust revenue uptick also means that this factor has not critically dented the profitability.

When looking ahead in the future, Bitcoin miners will certainly be even more excited after the next halving for BTC which means a pre-coded 50% reduction of block rewards for miners – slated for May 2020.

Even though the Bitcoin halving can have positive and bullish implications for the cryptocurrency and mean good news for Bitcoin miners, its impact is keenly watched. Some analysts are concerned that the lower block rewards will deter the network participants and (negatively) impact the network’s hashing power.