Bitcoin mining revenue for a week at a new high of $354.4 million that has surpassed the previous peak was $340 million. But How does that happen? How is it possible after block reward has been decreased to 6.25BTC in the early 2020 Bitcoin halving event?
Well, first of all, let’s figure out what is weekly bitcoin mining revenue. Bitcoin mining or in other words, validating transactions happening on the bitcoin network is a systematic algorithm coded to the network. In simple, you mine you get new coins. As for bitcoin. Bitcoin miners get new bitcoins as a reward for validating transactions.
So all Bitcoin miners’ earnings of a week called Weekly bitcoin mining revenue. This time, it is at a new peak breaking the last one in December 2017. This is another milestone for Bitcoin while it is on a bull run.
But the problem was, how is that happen in a situation like 6.25 BTC block reward? As you might know, the previous one marked with a 12.5 BTC block reward. Despite that, this time mining revenue on a USD basis while Bitcoin surpassed $50K.
As CoinDesk reports, over 15% of the week’s revenue was from network fees and it continuing a trend of strong growth in fee-based revenue from May 2020.
Miners are the most important part of the Bitcoin network. To control the market inflation, the Bitcoin system had been coded to do a halving once every 4 years. It decreases miners’ reward by half. From 12.5BTC to 6.25BTC last year halving. According to you, what will happen after the next halving?
