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Bitcoin miners' total revenue has risen to $ 17.5 billion and hashrate has reached new highs


Bitcoin's all-time mining revenue (known as ‘thermocap’) has exceeded $ 17.5 billion, according to Glassnode data.

After breaking the $ 15 billion milestone in late 2019, it has so far grown by almost 16% this year.

picture of @glassnode

Bitcoin miners' revenue fell 23% in July

Thermocap is a market cap alternative that was introduced by CoinMetrics co-founder Nic Carter.

It combines mining resources spent on the network consisting of block rewards and transaction fees.

After the 50% cut of Bitcoin's rewards to 6.25 BTC per block, Bitcoin miners' earnings declined 23% to $ 281 million in July.

Bitcoin fees, which have now dropped 85% from their May 20 high of an average of $ 6,647 per transaction, accounted for just four percent of the aforementioned sum.

Ethereum, on the other hand, recently reached its highest proportion of mining revenue from tariffs to date (18%).

Bitcoin is about to become more difficult to mine

Meanwhile, Bitcoin's hashrate has fully recovered from its 33% drop that occurred after the rewards reduction in May.

image from blockchain.com

Bitcoin's mining difficulty is expected to increase four percent in about 10 days, making it difficult for miners to generate income (unless BTC increases substantially).

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