Bitcoin (BTC) miners brought in a whopping $ 1.5 billion in revenue in March, a new record according to Arcane Research, a Norwegian analytics company.
“Few people expected the magnitude of this bull run in September 2020. At the time, monthly mining revenues were $ 329 million. Since then, revenues have increased by 373%. ”
According to the Arcane Research report. Bitcoin miners earn BTC when they add new blocks of transactions to the blockchain. They also earn from transaction costs on the network.
In related news today, the so-called difficulty rate, or difficulty level, has shot from bitcoin to a new all-time high (ATH). Miners compete with each other to verify transactions and process blocks approximately every 10 minutes.
This level of difficulty ensures that it is held for 10 minutes and is automatically adjusted every 2016 blocks, which is approximately every two weeks. If the competition among miners is high, the level of difficulty also increases, and vice versa.
BTC.com reports that the difficulty level increased nearly 6% on April 2 from 21.8 trillion to an ATH of 23.1 trillion. The so-called hash rate, or computing power of the bitcoin network, has again hit its ATH around 166 exahashes per second (EH / s) according to data from blockchain.com.
This increase is due to the fact that a lot of mining computers have been turned on again recently, these devices were on backorder but were only recently delivered. It is expected that more devices will be delivered in the near future, which may further increase the figures.
Recently, the mayor of Miami said he wants to bring more bitcoin mining to the United States. According to him, a large part comes from “dirty energy sources.”