Bitcoin miners made an all-time high revenue of $1.36 billion in February

Mar 1, 2021 | The Block News | 0 comments


Bitcoin mining total revenue surpassed $1.36 billion in February, according to data from The Block. That breaks the previous all-time high reached in December of 2017.

A small portion of February’s total mining revenue — $186.4 million, or 13.7% — came from the transaction fees. The remaining $1.18 billion came from the network’s block subsidies, accruing in value as bitcoin broke $50,000 in price and $1 trillion in market capitalization for the first time in February.

Total mining revenue grew 21.4% from January’s $1.12 billion.

While equipment for Bitcoin mining experienced shortages in December, some mining infrastructure providers have recently announced their intention to expand operations. Compute North announced on February 12 that it raised $25 million to grow its team and facilities. And China-based Bitcoin mining firm Poolin announced it acquired its rival NovaBlock’s hashrate, which Poolin will use to expand across North America.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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