Bitcoin miner revenue surges to pre-halving levels

As the Bitcoin (BTC) price is reaching the highest levels since January 2018, Bitcoin mining is getting more profitable due to a number of factors.

According to data from Blockchain.com, BTC miners revenue has soared to levels not seen since Bitcoin’s third halving in May 2020 that reduced the miner block reward from 12.5 BTC to 6.25 BTC.

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As such, BTC miners’ revenue hit $20.8 million on Nov. 4. According to Blockchain.com, the highest point recorded since September 2019, when miners’ block reward was twice as much as now.

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BTC miners revenue (USD). Source: Blockchain.com

A spike in BTC miner revenue levels is coming from Bitcoin price doubling since the May halving. On Nov. 4, Bitcoin price reached a new 2020 high at $15,950, jumping more than 20% over the past seven days.