Bitcoin mining revenue per TH/s is reaching its highest point since 2020's block reward halving
October 30, 2020, 10:43AM EDT
1 min read
Bitcoin mining's daily revenue per terahash second (TH/s) of computing power is reaching its highest point since the network reward halving earlier this year.
Data from The Block's Dashboard shows that each bitcoin miner at the moment is making $0.11 for one TH/s of computing power — up over 40% since the lowest point this year recorded in July after the halving. During the halving, the per-block reward fell from 12.5 BTC to 6.25 BTC.
The daily revenue is poised to further increase in the coming days as bitcoin's mining difficulty is expected to drop significantly in the next adjustment.
The Block's data divides bitcoin mining's daily block subsidies and transaction fees by a 7-day moving average of bitcoin network's total hash rate.
The daily mining revenue increase is largely due to bitcoin's price jump in recent weeks, currently trading hands above $13,800, as well as network transaction fees reaching their highest point since 2018 this week.
It also comes at a unique time of a year. Right now, a significant number of bitcoin miners are being taken offline as they undergo a physical migration locations in China that receive electricity from fossil fuel power plants rather than hydropower stations.
As a result, bitcoin's mining difficulty is expected to drop by 15% in about two days, which will increase the amount of bitcoin that each TH/s of computing power can produce in the next 14-day difficulty cycle.
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