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Bitcoin Miners’ Revenue Rose 206% In 2021

Cryptocurrency Feb 17, 2022 05:30AM ET
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Bitcoin Miners’ Revenue Rose 206% In 2021

Bitcoin miners made more than $15 billion in revenue over the course of 2021, according to The Block Research. The estimate represents a year-over-year increase of 206%, per The Block Research’s 2022 Digital Asset Outlook Report estimated mining revenue peaked in March, when miners brought in some $1.75 billion, including $167 million in transaction fees. Throughout the year, bitcoin mining revenue was buoyed by soaring prices for the digital asset, which hit an all-time high in early November. With the Chinese government banning crypto mining, there has been an infrastructure boom in other countries in terms of crypto mining, leading to a spike in miners’ revenue globally. The Block Research said:

"Despite several countries cracking down on crypto mining and countries like China even banning it, there was a rise in the revenue generated by Bitcoin miners by 206 per cent in 2021, finds a report by Block Research and GSR, published in January 2022. The report finds that on a year-to-date basis, Bitcoin miners have generated a total of $15.3 billion in revenue, making 2021 a record year in terms of Bitcoin mining. This spike in Bitcoin mining also contributed to the skyrocketing price of Bitcoin in 2021. The scenario was no different for Ethereum miners. "Ethereum miners have generated a total of $16.5 billion in revenue, representing a year-on-year increase of 678 per cent, a record revenue year," says the report. Though revenues went up overall in 2021, they plunged in the later quarters of the year, following a crackdown by the Chinese government.” Active companies in the markets today include: Mawson Infrastructure Group Inc. (NASDAQ: MIGI), Argo Blockchain plc, (NASDAQ: ARBK), Riot Blockchain (NASDAQ:RIOT), Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Hut 8 Mining Corp. (NASDAQ: HUT).

The article continued:

"As the report suggests, there has been a steady rise in mining in countries other than China after the latter banned it in May 2021. Historically, due to the cheap energy, low overhead cost and the proximity to major manufacturers, Bitcoin mining had been an activity dominated by investors in China," reads the report. It concluded: "With the Chinese government banning crypto mining, Bitcoin mining pools were reshuffled and various countries in North America and Kazakhstan became new hot spots, finds the report. The US officially became the world's largest hub for Bitcoin mining operations and business."

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Bitcoin Miners’ Revenue Rose 206% In 2021
 

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