All-time Bitcoin mining revenue has broken $14 billion, according to data from Coin Metrics. And, while the Bitcoin mining hashrate has been rising, making mining less profitable, miners are still earning more than ever.
The Bitcoin mining revenue took eight years to first break $5 billion, only needing an additional eight months to do it again—reaching $10 billion around August, 2018. Since then the rate of new revenue has slowed somewhat, currently on track to break $15 billion in early 2020.
The Bitcoin hashrate has similarly exploded since the end of 2017, when Bitcoin went on its wild bull run. At the start of 2018, it was at 15 exhashes per second, rising to 2018’s peak of 60 exhashes per second in September. In recent months, Bitcoin’s hashrate has reached new all-time-highs.
While the hashrate has risen, the revenue has increased at a higher rate. So, while miners aren’t soaking in all $14 billion in revenue—they’re still making a hefty profit. But as the hashrate continues to grow, while the price struggles, this could be at threat.