Bitcoin Mining Revenue Outpaces November—And December Isn’t Over Yet

Bitcoin Mining Revenue Outpaces November—And December Isn’t Over Yet

Bitcoin miners have already outpaced their November earnings, amassing $1.33 billion in December with two days still on the clock. This remarkable performance underscores the resilience of the mining industry despite fluctuating market dynamics.

Bitcoin Ends the Year With Record Hashrate and Higher Revenue

December’s uptick in revenue is largely fueled by stronger bitcoin prices. However, there’s a twist: the hashprice—the estimated value of 1 petahash per second (PH/s) of SHA256 output—has dipped over the past 30 days. Previously at $61.78 per PH/s, it now stands at $55.57. Meanwhile, Bitcoin’s hashrate surged to a record-breaking 805 exahash per second (EH/s) during the same period.

Scheduled Difficulty Adjustment and Network Performance

A scheduled difficulty adjustment on Dec. 29 is expected to see a slight increase. This change is attributed to block intervals averaging 9 minutes and 53 seconds, slightly quicker than the 10-minute target. As of now, the network’s total computational power is at 791.45 EH/s, with contributions from 65 entities wielding at least 286.33 kilohash per second (KH/s) each.

Comparing November and December Revenue

Despite the decline in hashprice, December revenue has already surpassed November’s total of $1.21 billion, according to data from The Block. Of November’s earnings, $38.73 million came from onchain fees. As of now, December has generated $37.69 million in onchain fees, with the remainder ($1.29 billion) stemming from Bitcoin’s subsidy. With just over 48 hours left in the year, it’s likely that December’s onchain fees will also exceed November’s.

Future Outlook

As we near the end of the month and the year, Bitcoin’s mining sector appears poised for continued growth. The industry benefits from ever-increasing computational power and a steady market appetite. Despite occasional dips in profitability, technological advancements and the expanding scope of operations keep driving the sector forward.