Last Updated on February 1, 2021 by Ope Quadri
As the drive to trade bitcoin soars due to the spike in its price, BTC miners made more money in November 2020, data from CoinMetrics has revealed.
Cryptocurrency enthusiasts witnessed a spike in the price of bitcoin in November, setting a new all-time high after gaining over 40 per cent.
The trend also showed upward movement in the activities of BTC miners thereby generating $522 million within 30 days which represents 48%.
The month under review shows that those who bought the dip or miners who had been holding their coins sold them immediately.
The miner revenue hit six-month highs as it climbed above $0.15 multiple times in November, the highest level since early May, mining software company Luxor Technologies revealed.
Analyst at Cointelegraph hinted that mining revenue measured by terahash per second (TH/s) is roughly flat year to date from roughly $0.138 per TH/s on Jan 1 to $0.135 per TH/s at last check.
Terahash is the unit used to measure the speed of the mining hardware mining bitcoin and other cryptocurrencies.
More mining companies coming on board
We’ve also seen more companies acquiring equipment by going fully into crypto mining, trading firms like Binance are not left out.
And it seems miners are tapping into the economic potentials of crypto as analysts continue to make more promising BTC predictions, triggering an influx of newcomers to the crypto space.