Bitcoin miners are having a field day as the daily average revenue rises to $57 million.
According to data from Crypto Parrot, a cryptocurrency trading simulator platform, the daily average profits for Bitcoin mining activities stood at $57 million between March 27 and April 26, 2021. Cumulatively, miners have generated a total of $1.7 billion in revenue within the period in question.
Bitcoin’s recent price rally is directly proportional to the revenue of miners. On April 15, a day after Bitcoin set a record price of $64,800, miners generated $81 million in profits. Meanwhile, two days later, when the market corrected and prices plunged by 15%, mining revenue dropped to $45 million.
Comparatively, the mining revenue in the past month highlights the difference between the recent sustained rally and the short-lived Bull Run of late 2017. During the December rally of 2017, mining revenue was around $1.23 billion for the month. The figure represents a 40.21% difference in mining revenue over the two periods.
The Bitcoin network often becomes congested as traders try to cash in on price surges. Particularly, when the digital asset highs a new all-time high or reacts to positive news, the fear of missing out (FOMO) sets in. While some investors may be looking to sell the high, others might be trying to purchase the asset. This generally results in thousands of transactions awaiting confirmations by miners and higher transaction fees.