Bitcoin Miners Profited $354,4 million in a Week, the Highest Record to date

Bitcoin Miners by Aleksi Räisä
Bitcoin Miners by Aleksi Räisä

Bitcoin (BTC) miners are making a fortune out of “extracting” the digital currency. According to CoinDesk, Bitcoin miners generated $354.4 million last a week alone, breaking the old 2017 record. 

On Sunday, the digital currency flirted with $50,000 before plunging back to $48,632 on Monday. In return, Bitcoin miners highly profited from mining the crypto —especially with the Bitcoin shortage in cryptocurrency exchanges.

Ethan Vera, co-founder of Seattle-based mining company Luxor Technology told CoinDesk Thursday: “Despite decreasing block reward, mining revenue on a USD basis has trended upwards. This is encouraging for the long term prospects of Bitcoin’s security and continued investments over the next few halving.”

In January, Bitcoin plunged to $27,000. However, the largest digital currency regained its momentum and led a rally to $49,670 on February 13. The cryptocurrency’s price increase followed news about Tesla’s $1.5 billion investment in Bitcoin. Furthermore, MasterCard and Bank of New York both announced last week that they’ll be accepting BTC. Consequently, Bitcoin price surged to a new all-time high.