Bitcoin Miners Close December with Record Revenues Despite Hashprice Decline

Bitcoin miners are wrapping up December on a high note, with revenues surpassing November’s $1.21 billion total. As of now, December has brought in $1.33 billion, fueled by robust Bitcoin prices. However, the hashprice—a measure of the estimated value of one petahash per second (PH/s) of SHA256 output—has decreased over the past 30 days. Previously at $61.78 per PH/s, it now stands at $55.57.

At the same time, Bitcoin’s hashrate reached an all-time high of over 805 exahash per second (EH/s) during this period. This surge highlights the growing computational power dedicated to mining operations despite fluctuating profitability.

Network Performance and Upcoming Adjustments

The Bitcoin network remains highly active, with a current total computational power of 791.45 EH/s. Around 65 entities contribute to mining, each maintaining a minimum of 286.33 kilohash per second (KH/s).

On December 29, a scheduled difficulty adjustment is expected, driven by blocks being mined faster than the 10-minute target. Currently, the average block interval stands at 9 minutes and 53 seconds. This slight rise in difficulty reflects the network’s dynamic nature as it adapts to increased mining activity.

While miners earned $38.73 million in on-chain fees in November, December’s total stands slightly lower at $37.69 million with two days remaining. The bulk of December’s earnings—$1.29 billion—comes from Bitcoin’s subsidy. However, with over 48 hours left in the month, it’s possible that on-chain fees will exceed November’s figures.

As the year concludes, the mining sector shows resilience and potential for further growth. Increased computational power and consistent market demand continue to drive advancements. Despite occasional profitability challenges, technological progress and operational expansion bolster the industry’s outlook.