Bitcoin miners start work in 2021 in…

Bitcoin miners start work in 2021 in… post thumbnail image

However, Ethereum miners have surpassed the largest cryptocurrency miners in terms of revenue.

For 2021, the largest cryptocurrency miners will receive $15.3 billion in revenue, analysts at The Block Research calculate. They received this figure during the compilation of the Block 2022 Digital Asset Outlook Report.

  • Revenue from bitcoin miners grew by 206% and set a record for the crypto industry, according to the report.

  • Block valuation is based on the assumption that miners sell all the cryptocurrencies mined. It should be borne in mind that this is not always the case, analysts say.

Source: TheBlock.

  • Researchers cite the sharp spike in bitcoin prices throughout the year as the reason for the growth. Recall that throughout the year, the value of the largest cryptocurrencies doubled and in November reached a historic record of $ 69 thousand.

  • Revenue, calculated by analysts TheBlock, peaked in March. Then the miners earned about $1.75 billion, including $167 million in transaction fees.

  • It is noteworthy that the income of the miners of the second largest cryptocurrency, Ethereum, exceeds that of the bitcoin miners. It grew 7 times and totaled $16.5 billion.

See also: Ethereum mining has surpassed bitcoin’s profitability for the seventh month in a row.

  • According to analysts, this is due to revenues that are “much higher” than transaction fees. The latter, in turn, is growing thanks to increased non-fungible token market (NFT) activity. Recall, Grayscale analysts estimate the metaverse market potential at $1 trillion.

Source: TheBlock.

For more conclusions from TheBlock analysts and key 2021 results for the crypto industry, see Bloomchain’s article.

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