Bitcoin miners have made record weekly revenue after earning $354.4M last week, CoinDesk reports.
Notably, the previous record was reached in mid-December 2017, amid the market rally that took BTC above $20,000 for the first time ever.
Notably, this increase in weekly revenue for cryptocurrency miners has been aided by the positive trend in Bitcoin, which last weekend hit new highs just below $50,000.
Ethan Vera, co-founder of US mining company Luxor Technology, said:
"Despite decreasing block reward, mining revenue on a USD basis has trended upwards. This is encouraging for the long term prospects of Bitcoin’s security and continued investments over the next few halving."
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According to data provided by Coin Metrics regarding network fees and block subsidies, miners are selling their Bitcoins right after mining them.
In terms of revenue breakdown, 15% of this comes from network fees.