Bitcoin’s record-breaking streak
On Wednesday, Bitcoin’s market capitalisation broke its previous all-time high, according to data from Coin Metrics. Its market cap exceeded the $328.89 billion seen on 16 December 2017 and is currently sitting at $337,800,149,459, with a price of $18,211 per BTC. The total circulating supply is now at 18,548,843 BTC.
But that’s not all. Bitcoin mining revenue also hit a yearly high topping $20m per day. This means mining revenue has now returned to pre-halving levels.
Glassnode data suggests the revenue from bitcoin mining is now back at the same levels as when block rewards were double what they are now. The most recent halving took place in mid-May this year, when the price sat around $9,000. Now at over $18,000 - effectively double what it was - we see a correlation between miners needing to sell enough of the asset to cover expenses while their operations remain profitable.
The daily revenue figure, which includes block rewards and transaction fees, was $21.2 million for 18 November, which is its highest for a year. The previous peak came close at $20.6 million just after the halving event on 6 May. This is a significant increase considering post-halving revenue plummeted to just over $7 million per day.
Another indication of a healthy bitcoin network comes in the form of the hash rate, which is now just 10% away from its highest-ever level, at 143.3 EH/s. This is important considering the slump that followed the end of China’s rainy season, where the majority of bitcoin mining takes place.
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