Bitcoin mining, a physical and energy-consuming process that has continued to yield rewards for its miners, continues to face criticisms. Crypto analysts have compared the energy required by these miners to effectively carry out their work with the one used annually by the South American nation- Chile. However, that is not the only complaint about this strenuous activity, as its environmental effect on society is overwhelming. However, despite its lows, a new report from crypto data analytics firm- Arcane Research has now confirmed that these miners have generated a record-breaking $1.5 billion in revenue last month.
Miners rewards have dwindled over the past few years
Bitcoin miners are individuals who use special hardware computers to solve critical puzzles and get rewarded for every new block discovered on the Bitcoin network. According to the report by Arcane, Bitcoin miners recorded the highest ever revenue generation in a month in March 2021. Earlier in March, Bitcoin miners experienced an upturn in fortunes, which placed them at an average daily earning of almost $60 million.
Unfortunately, a low trading volume which placed daily earnings around the $45 million marks, started to occur in the space towards the last week of March. This downturn in fortunes started to decrease revenue. However, the mining sector was able to shake off this anomaly by posting its highest-ever revenue in a month.
The recent upturn has improved the Bitcoin miners’ fortunes in the price value of Bitcoin, which averaged at least $50K in March, despite its volatility. Bitcoin miners, who at one point in 2018 were earning about 50 Bitcoins for every block discovered, currently earn a paltry 6.25 Bitcoins for every block discovered. Surprisingly, despite their low earnings and the cost of operating these mines for production, the miners’ rewards are currently at an ATH.
Bitcoin mining is still facing criticisms, despite earnings
It is worthy to note that the price of Bitcoin will continue to influence the revenue generated by these miners. However, miners are also expected to earn transaction fees, which, unfortunately, has been on the decline since January. However, this implies that, while revenue is going down, miners continue to earn more. However, fortunately for the Bitcoin miners, this will be their only consolation, as their operations and activities have continued to be criticized by many in society.
Many crypto analysts have continued to discuss the aftermath carbon-effect of Bitcoin, which continues to pose a threat to society. CEO of Twitter- Jack Dorsey, a Bitcoin admirer and investor, has announced earlier that he was ready to support any firm that was willing to mine Bitcoin using alternate sources of energy and power without a carbon effect on society. At the time of writing, there is no confirmation that any Bitcoin mining firm has accepted Jack Dorsey’s offer.