The profitability of Bitcoin mining has hit its yearly high, according to data provided by analysis resource Glassnode.
As of November 18, the daily earnings of Bitcoin miners amounted to $21.2M. This amount is made up of the reward miners are given for mining a block and the fees they receive for processing transactions.
Glassnode pointed out the profitability of BTC mining has also recovered to pre-halving levels (May), when the reward for mining a block fell from 12.5 BTCs to 6.25 BTCs. As a result, daily revenues from Bitcoin mining plummeted from $20M to just $7M.
The recovery of the profitability of BTC mining has been boosted by the increase in the price of the crypto. When the halving occurred, the price of the crypto was $9,000. Since then, the price of Bitcoin has increased by around 100% to $17,500, while yesterday it even exceeded $18,400.
The decline in the difficulty of Bitcoin mining has also had a positive effect on the profitability of the activity. In early November, this figure fell by 16% to 16.78T. However, after the last recalculation of the difficulty, the figure increased again, with the current value being 17.60T.
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