Bitcoin miners made an all-time high revenue of $1.36 billion in February
March 1, 2021, 1:51PM EST
1 min read
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.