The cryptocurrency market has seen twists and turns in 2021, but this hasn’t dampened its sentiment to reach new heights. The capitalization of this market is just a stone’s throw from the $ 3 trillion mark, as it stands at $ 2.96 trillion.
That upward momentum has been reinforced as leading cryptocurrencies continue to hit new all-time highs. For example, Bitcoin broke the record at $ 68,500 in the past 24 hours as more investments pour into this market.
Additionally, Ethereum topped the $ 4,800 mark, a scenario not seen in its 6-year journey.
The crypto market is experiencing a surge in activity based on the ripple effect of some ecosystems.
Solana (SOL), for example, is seeing significant growth due to the high transaction speeds it offers as it merges the mechanisms of proof-of-history and proof-of-stake consensus.
As a result, demand continues to grow in the booming decentralized finance (DeFi) and non-fungible tokens (NFT) sectors.
Miners are some of the biggest beneficiaries in the crypto space
As the value of the crypto market continues to rise, miners will benefit from the increase based on the revenue generated. For example, Bitcoin miner sales have increased 550% since halving in 2020.
On-chain metrics provider Glassnode stated:
“Bitcoin miners are seeing BTC revenues halve every four years. In the current era, an average of between 900 and 1,000 BTC per day. Despite this decrease in BTC-denominated revenue, miners’ revenue in USD has increased 550% since halving in 2020, nearing an ATH of more than $ 62 million per day.
Although Bitcoin miners are doing a killer at $ 13.6 billion, Ethereum miners made the most money with $ 17 billion in revenue in 2021, according to crypto-insight provider Arcane Research.
This is based on the massive activity on the Ethereum network that has increased transaction fees.
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