According to Decrypt on August 25th, although the hash rate is rising, bitcoin miners are still entering the industry.
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Coin Metrics data shows that Bitcoin mining revenue has reached a record, successfully breaking through $14 billion. Despite the increase in the bitcoin hash rate, the difficulty of mining (the computing power required to find new blocks) and the decline in mining profits, the income of miners is still higher than ever.
After eight years of development, Bitcoin mining has earned more than $5 billion for the first time. However, just eight months later (about August 2018) bitcoin mining revenue reached $10 billion. Since then, the growth rate of mining revenue has slowed down, and the current trend is expected to exceed 15 billion US dollars in early 2020.
The rise in bitcoin prices is the gospel of miners. Source: Coin Metrics
Bitcoin's hash rate has experienced similar explosive growth since Bitcoin began its crazy bull market at the end of 2017. At the beginning of 2018, it was 15 quintillion hashes per second (note: Quintillion is the cube of millions), and by September 2018 the value rose to the peak of 60 quintillion hashes per second. In recent months, the bitcoin hash rate has reached a record high.
Although the hash rate has risen, the mining revenue has increased at a higher rate. So while miners don't all get $14 billion in revenue, they are still making huge profits. However, the continued increase in hash rates and the uncertainty of bitcoin prices can be a threat.
