Bitcoin mining profitability skyrockets to annual high

By World Crypto | World Crypto | 19 Nov 2020

The profitability of Bitcoin mining has updated its annual maximum, the analytical service Glassnode reported on its Twitter account. As of November 18, the daily income of BTC miners was $21.2 million. This amount is the sum of the reward that miners receive for finding a block, and commissions for conducting transactions.

Glassnode noted that the profitability of mining the first cryptocurrency also fully recovered to the levels before the May halving. Then the reward for finding a block in the coin network decreased by half, from 12.5 to 6.25 BTC. Against this background, the daily income of BTC mining fell from $20 million to $7 million.

The growth of its value helped to restore the profitability of mining the main digital coin. In May, at the time of halving, bitcoin was trading in the range of $8,500 - $9,000.Since then, the asset rate has increased by about 100%, to $17,500, and yesterday, November 18, it rose above $18,400.

Reducing the difficulty of mining also had a beneficial effect on the profitability of bitcoin mining. In early November, this figure dropped by 16%, to 16.78 trillion hashes. But after the last recalculation, the difficulty increased again, the current value is 17.60 trillion hashes.

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