Bitcoin mining revenue has increased 20-fold in 6 years. Can miners continue to make profits after halving?

According to Decrpyt's April 1 report, Bitcoin mining revenue has increased from US $ 260 million in 2013 to US $ 5 billion last year, an increase of nearly 20 times, but what effect will the halving have on mining revenue?

Since 2013, global Bitcoin mining revenue has increased by nearly 20 times

According to Statista's global bitcoin mining revenue, we can see that mining revenue broke the $ 5 billion mark in 2019 and has increased nearly 20 times in just a few years. But will this upward trend continue after Bitcoin has halved?

By looking at the chart below, we can see that Bitcoin mining revenue is increasing almost every year. In 2013, total global mining revenue was US $ 260 million. This number increased to $ 700 million in 2014. In the same year, mining machine manufacturer BitFury raised $ 20 million for a new type of ASIC mining machine chip.

Since 2013, global Bitcoin mining revenue has increased by nearly 20 times

Bitcoin mining revenue (in millions of dollars). Image: Statista

In 2017, after Bitcoin's second reward halved, the industry's revenue reached US $ 3.19 billion. Although the market began to enter a bear market in early 2018, the mining industry's revenue has continued to grow, reaching 5.26 billion US dollars.

With about 42 days remaining, Bitcoin will be halved for the third time. At that time, the reward for each newly mined block will be reduced from 12.5 to 6.25 Bitcoin. Therefore, at least in the initial period after halving, the income of miners will be halved, and the recent decline in the price of currency on the market has further caused miners' concerns.

Decrypt has previously reported that some miners have been closed for business. In China, miners who are betting on the coming bull market have to shut down and sell miners. Bitcoin's hash rate (the sum of the power of all miners) has also dropped by almost half from its peak in 2020.

Therefore, it is not surprising that miners' income is halved as the Bitcoin reward is halved.

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