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Bitcoin miners record best week since 2017

Photo of: Nathan VDH
by Nathan VDH

Bitcoin miners are smiling. In the previous week, this activity generated $354.4 million. That’s a record. The previous one was in December 2017.
This is a good time for the Bitcoin mining industry. This also explains the considerable investments made by major companies in the sector. Manufacturers, like Bitmain, are also taking advantage of market conditions.

And these favorable factors are expected to continue. In recent months, they have reached record levels, in line with last week’s financial performance. As CoinDesk reports, revenues from crypto mining are showing strong growth.

In the last 7 days, this revenue increased to $354.4 million. We have to go back to December 2017, the period of the previous bull-run, to find comparable levels at 340 million dollars.

The previous record, like Bitcoin’s ATHs, therefore fell at the beginning of February. It must be said that the value of crypto-assets continues to grow at a sustained pace. On February 14, the BTC set a new ATH at $49,500.

Miners benefit from the price of Bitcoin, but also from the transaction fees. These are also increasing. Of the 354.4 million dollars in mining sales, more than 15% comes from these fees.

Growth in this sector has been continuous since May 2020. Nevertheless, costs remain considerably lower than on the Ethereum blockchain. In January, for example, they accounted for no less than 40% of the total income of ETH miners.

Nevertheless, the trend remains largely positive for Bitcoin miners. This is a clear sign of confidence among players in the sector, both large and small, in the crypto mining industry.

“Our miners are incredibly optimistic about the future of mining,” says Ethan Vera, co-founder of Luxor Technology. “January and February 2021 were record months for most of them,” he added.

And in this context, most miners choose to sell their Bitcoin in order to reinvest. Their objective is simple: to increase their future hashrate. This strategy can be observed in particular at Marathon Patent Group.

The miner listed on the stock exchange placed an order for 103,000 pieces of equipment last December. Once the equipment is in production, Marathon will have a total capacity of 10.36 exahashes per second (EH/s).

The company will largely supplant Riot Blockchain. A week earlier, Riot broke its piggy bank with a $35 million order. They will eventually increase their Bitcoin hash rate by 65% once the equipment comes in.