Bitcoin miners are having to deal with halved rewards after the halving event
With hashrate close to its historic high, Bitcoin’s all-time mining revenue (known as ‘Thermocap’) exceeded $ 17.5 billion, according to Glassnode data. After exceeding the $ 15 billion mark at the end of 2019, revenue so far has grown by almost 16% this year.
Image by: Glassnode
Bitcoin miner revenue fell 23% in July
Thermocap is a market capitalization alternative that was introduced by CoinMetrics co-founder Nic Carter. It combines the mining resources spent on the network that consist of block rewards and transaction fees.
After cutting 50% of the Bitcoin subsidy to 6.25 BTC per block, the revenue of Bitcoin miners shrunk 23%, to $ 281 million in July. Bitcoin rates, which now fell 85% compared to the May 20 peak of an average of $ 6,647 per transaction, they accounted for just four percent of the sum mentioned above.
Ethereum, on the other hand, recently reached its highest proportion of mining revenue and fees to date (18%).
Bitcoin is about to get harder to mine
Meanwhile, Bitcoin’s hashrate has fully recovered from its 33% drop that occurred after halving in May.
Image from: blockchain.com
Bitcoin’s difficulty is expected to increase by four percent in approximately 10 days, which will make it more difficult for miners to generate revenue (unless BTC substantially raises its trading value).