People Earn $50 Million Daily From Bitcoin Mining
Bitcoin miners have been earning more than $50 million every day in the past month according to data from Glassnode
The increase in their earning has been triggered by the increasing number of transactions on the blockchain
The amount earned from Bitcoin mining monthly currently is four times more than what was earned monthly a year ago
Miners in the Bitcoin market are raking in record revenues due to the increased number of transactions on the blockchain.
According to data from Glassnode, miners have consistently been earning above $50 million for Bitcoin mining.
This represents a four times increase to their earnings a year ago ($12 million).
Also, the hash rate of flagship cryptocurrency, Bitcoin reached a new all-time high of 178 exahash / sec.
What is Bitcoin mining
Bitcoin mining involves the process of adding transactions to the blockchain.
The blockchain holds the record of every Bitcoin transaction that has been performed.
Bitcoin miners contribute to the decentralized network to ensure that payment is secure.
Read also: Nigeria Leads Africa’s P2P Bitcoin Trading in Q1 of 2021
The Bitcoin miners solve complex mathematical problems and when a solution is found, the latest transaction is added to the blockchain.
As an incentive for mining, the miner who provides the solution is rewarded with a block of Bitcoin.
Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.