Global Bitcoin Mining Revenue Increased Ten Times in the Last Three Years
The impressive growth of cryptocurrencies over the last year was followed by a surge in coin mining, as a way of investing in virtual currencies without having to put down money for it.
As the most significant name in cryptocurrency in terms of both market cap and price index, the Bitcoin generated the highest revenue in coin mining.
According to data gathered byFinanso.se, the global Bitcoin mining revenue increased ten times in the last three years, reaching a $5bn value in 2019.
Bitcoin Mining Income Jumped 65% Between 2017 and 2018
The bitcoin miners support, legitimate, and monitor the Bitcoin network and its blockchain. Their task is challenging and only sporadically rewarding. Nevertheless, it has become an appealing activity for many investors interested in cryptocurrency because miners are rewarded with bitcoins for completing blocks of verified transactions added to the blockchain.
In 2016, the global mining revenue reached $260 million value, revealed the Statista data. Over the next twelve months, this figure increased more than 2.5 times and reached $700 million. The most significant rise in the global bitcoin mining profits happened between 2016 and 2017 when the revenue jumped from $550 million to nearly $3.2bn. In 2018, bitcoin miners gained a record profit of $5.26bn globally.
Although the income dropped to over $5bn till the end of 2019, this amount is still 19 times larger than the 2013 figures. Nearly $4.9bn of the entire 2019 revenue was in the form of block rewards, while the rest was delivered via transaction fees.
The Record Number of Bitcoin Daily Transactions in 2019
Recent years have also witnessed a massive rise in the number of Bitcoin daily transactions. In 2016, there were over 201,500 daily Bitcoin transactions. At the end of 2017, this figure jumped by nearly 60% and hit almost 320,000.
By the middle of 2018, the number of daily deals plunged to the lowest point of 193,800. However, over the next six months it surged to a record of over 381,600 transactions. At the end of 2019, there were nearly 293,500 Bitcoin transactions recorded daily worldwide