Bitcoin mining rewards reach pre-halving levels

The Bitcoin $BTC price is currently trading past $15500, which is the highest level since January 2018. This is one of the driving factor why Bitcoin Mining is getting more and more profitable today.

Bitcoin miners revenue hit a record $20.8 mil on November 4th. This is the highest number recorded since September 2019, when the block rewards were twice as high as now.

Source: Blockchain.com

The spike in BTC mining revenue comes from the price doubling since the reward halving on May. The price reached a new 2020 high trading at $15,950 on November 4th.

One of the factors affecting the reward growth is the rise in BTC transaction fees. The Bitcoin tx fees have surged almost 200% in October. Due to this factor the miner revenue have increased drastically.

Mining pool outflows. Source: CryptoQuant

A noticable spike in transactions from miners to exchanges have also been noticed, indicating that miners are getting ready to sell their mined BTC.

Sources: Cointelegraph