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Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: sirty143 on March 06, 2024, 01:10:28 PM

Title: Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline
Post by: sirty143 on March 06, 2024, 01:10:28 PM
Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline

In February, bitcoin miners discovered a total of 4,446 blocks, amassing earnings of $1.39 billion, with $71 million of this sum coming from onchain transaction fees. The revenue from bitcoin mining in February rose by $40 million... See more for yourself here (https://news.bitcoin.com/bitcoin-mining-revenue-jumps-to-1-39-billion-in-february-despite-fee-decline/).

Your opinion is greatly appreciated.
Title: Re: Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline
Post by: Z-tight on March 09, 2024, 12:22:31 AM
It is good for miners that there is an increase in their revenue before the halving, BTC miners make the bulk of their reward from block subsidy and once the halving happens, their block subsidy reward is halved, miners may also have to sell old gears to buy new and more efficient ones. So the period immediately after the halving is not such a good time for miners, so good that their revenue is higher leading up to the halving.
Title: Re: Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline
Post by: hugeblack on March 09, 2024, 09:47:17 AM
It is a reflection of the price increase, but since halving will be soon, these revenues will decrease if the price of Bitcoin does not continue to rise. The most important of them is the average costs of Bitcoin mining compared to block reward, which is approximately $40k*. Any price above that is profits for them.

* It is based on assumptions and each mining pool will have different calculations.
Title: Re: Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline
Post by: NikeFit_7777 on March 18, 2024, 08:38:00 AM
No matter what the market situation is. The guys clearly know what they are doing and are making the most of it. While you still have the opportunity!

Mining company Core Scientific reported that it mined 19,274 BTC for 2023, which is now valued at 1.4$ billion.

13,762 BTC were mined for the company's account and another 5,512 BTC for customers.

Source: https://www.theblock.co/post/282081/1-4-billion-of-bitcoin-mined-last-year-by-once-bankrupt-core-scientific
Title: Re: Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline
Post by: hugeblack on March 18, 2024, 11:09:23 AM
Quote from: NikeFit_7777 on March 18, 2024, 08:38:00 AM
13,762 BTC were mined for the company's account and another 5,512 BTC for customers.

Mining is very profitable if electricity costs are low and debt costs are very low. The problem is always in a falling market and short-term debt repayment periods with a high interest rate, which is what happened in 2022, so the companies that were able to withstand will achieve good profits.
Title: Re: Bitcoin Mining Revenue Jumps to $1.39 Billion in February Despite Fee Decline
Post by: NikeFit_7777 on March 26, 2024, 10:09:29 AM
Quote from: hugeblack on March 18, 2024, 11:09:23 AM
Mining is very profitable if electricity costs are low and debt costs are very low. The problem is always in a falling market and short-term debt repayment periods with a high interest rate, which is what happened in 2022, so the companies that were able to withstand will achieve good profits.
You think I don't get it? Of course not, I've been following this kind of news for a long time. It will be much more interesting after the next halving, which will be in a few weeks.

P.S. In my mind, it's going to be much more interesting. From year to year, the revenue of mining companies will grow exponentially. The answer is obvious, the demand for cryptocurrency will be much higher and bitcoin issuance will be limited as much as possible. Remember this!  8)