Bitcoin mining profits have experienced a significant increase over the past few months. In the middle of October, when Bitcoin traded at around $11,500, the mining revenue for 1 TH/s was $0.063.
After the continued growth of the BTC price, which almost reached $42,000, mining profitability rose to the current value of $0.281, according to data provided by Bitinfocharts. The last time a similar indicator was observed was about a year and a half ago in August 2019.
While in the last three months the price of Bitcoin has jumped by over 3.5 times, the profitability of BTC mining operations has skyrocketed by almost 4.5 times.
In the unraveling bull market situation, miners are using more and more devices to produce as much BTC as possible. Consequently, the new Bitmain miners that appeared on the market were sold out by August this year, and the selling price of the S19 miners has doubled.
Furthermore, miners are earning profits from the extremely high average Bitcoin transaction fees that have risen to $11.5, and an average fee of $11.7 for Ethereum.
Similar to Bitcoin, Ethereum mining income has increased reaching $0.084 per day, while the altcoin’s price moves around $1,200.
