The income generated by the mining of bitcoins since the launch of this criptomoneda exceeded 14 billion u.s. dollars last Friday, August 23.The web site specialized in the collection and analysis of data related to the criptomonedas, Coin Metrics, unveiled the scope of this new milestone for the mining of bitcoins, whose average daily income in the last seven days was a little over USD 20 million.Chart of the revenue generated by the mining of bitcoins from 17 to 25 August 2019 – Source: Coin Metrics. The income generated by the mining criptomonedas are an indicator that takes into account the value, in u.s. dollars (USD), of all of the rewards per blocks mined in a day, in addition to the commissions mining collected for each transaction made. The calculation of the value in USD is made on the basis of the price averaged over every day in the market.
Usefulness of knowing the income generated by the mining
Beyond knowing how much money has been created by the mining of a certain criptomoneda, this indicator allows analysts to estimate how much they are investing the miners into teams dedicated to this activity. In the same way, it is possible to use these data to establish connections between the rise of mining in certain times and oscillations on the market of criptomonedas.Chart on income in USD generated by mining bitcoins from the 2016 to the present. Source: Coin Metrics.In the above chart you can clearly see how, between late 2017 and early 2018, the slope that indicates the revenue generated by the mining of bitcoins becomes steeper, almost a vertical upwards. This coincides with the dramatic increase experienced by the price of BTC in the market during those months, when bitcoin reached its historical maximum of USD 20.089 per unit.Another change of pattern in the chart of mining revenues is present in the second quarter of the current year, when bitcoin has enjoyed an increasing steadily which led to its price of USD 3,800 to USD 13.000. This type of movement in the market, logically, affects the generation of revenues, profitability and the interest in the mining of a criptomoneda.Another milestone for bitcoin last week was the capitalization effective, which exceeded last Friday, the 23rd, the USD 100 billion, and reached its historic peak this Sunday, August 25, with a capitalization effective USD 100.215 million. At the beginning of last week, the figure was below the $ 99.500 million, which represents a growth of close to USD 1,000 billion between the 17 and 25 August of this year.