Profitability of bitcoin mining jumped several times

Bitcoin mining revenues have skyrocketed over the past three months. In mid-October, when the price of bitcoin was around $11,500, the profitability of mining for 1 Tx/s was $0.063.

After a sharp jump in the BTC price, which almost surpassed $42,000, the mining profitability rose to the current level of $0.281 (more than 760 sats), this is Bitinfocharts data. The last time such a figure was recorded was in early August 2019.

While the price of BTC has risen 3.5 times in the past three months, the profitability of mining has risen almost 4.5 times.

„With BTC steadily surpassing its previous record high Bitcoin Lifestyle and ETH rising rapidly, it is not surprising that mining revenues are also rising,“ said F2Pool, one of the largest bitcoin mining pools.

In the current bull market, miners are deploying more and more devices to mine as much BTC as possible. For this reason, Bitmain miners have sold out until August this year and the price of S19 has doubled.

In addition, miners are earning extra money through extremely high average commissions, which have risen to $11.5, matching Ethereum’s average commission of $11.7.

As with bitcoin, income from mining Ethereum has reached 76,000 guai ($0.084) per day, while the price of altcoin fluctuates around $1,200.