Bitcoin miners are raking in significant profits as mining becomes more profitable than ever. According to crypto data firm Glassnode, miner revenue rose to a new high of $52.3 million per day earlier this week.
Glassnode asserts that this is a good thing for Bitcoin, despite the block halving in May 2020. The firm noted that the figure is “positive for the assurance of continued security for the Bitcoin protocol.” As long as miners keep making profits, they will remain on the network.
In May 2020, block rewards were slashed from 12.5 to 6.25. However, miners are still sitting on profits because the price of the digital asset has gone through the roof. As of press time, Bitcoin was exchanging hands at just over $55,000. Furthermore, transaction fees have also increased following the influx of new users.
But while Bitcoin mining remains a profitable venture, the network has come under heavy fire from environmentalists and individuals who believe that mining activities consume a lot of electricity. According to Cambridge University’s Centre for Alternative Finance, miners consume around 128.77 terawatt-hours. To put this in perspective, the carbon footprint of Bitcoin mining activities is equivalent to that of London.