29 Mar 2021
Record breaking monthly revenue for miners in March
As bitcoin has been trading above $50,000 for most of March, miners have seen booming revenues, raking in more than $1.5 billion in March.
The monthly miner revenue in March is the highest ever recorded in bitcoin history. The monthly miner revenue in February surpassed the previous record from December 2017, and in March, the revenues have climbed further. Few had anticipated the scale of this bull run in September 2020. Back then, the monthly miner revenue sat at $329m. Since then, the revenues have increased by 373%. The hashrate (and thus the mining industry) tend to lag the bitcoin price. This is driven by long delivery times of mining equipment as the mining hardware quickly becomes scarce as demand picks up. The recent mining revenue spike is rewarding miners who already had a well-established set-up before the bitcoin bull run or great foresight in Q3, 2020. Currently, delivery of new mining equipment is estimated to November 2021 and January 2022. Meaning that we are likely to experience a large growth in hashrate as we enter 2022. This is similar to what we saw in 2018, when the hashrate soared even though bitcoin was in the midst of a dreadful bear market.