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Bitcoin’s On-Chain Volume Increased By 317% Reaching $4.2 Trillion In 2021

Bitcoin

Bitcoin miners made more than $15 billion in revenue over the course of 2021, according to The Block Research. The estimate represents a year-over-year increase of 206%, per The Block Research’s 2022 Digital Asset Outlook Report. It should be noted that the estimate is premised on the notion that mining companies sell their accrued digital assets to pay for electrical power and other resources; some miners hold on to some of their mined coins. It also said that the estimated mining revenue peaked in March, when miners brought in some $1.75 billion, including $167 million in transaction fees. Throughout the year, bitcoin mining revenue was buoyed by soaring prices for the digital asset, which hit an all-time high in early November.  The report added that: “2021 was a record-breaking year for cryptocurrencies, with many, including bitcoin and ether, reaching new market price highs. The total crypto market capitalization in 2021 also reached a record $3 trillion after recrossing $1 trillion in January and $2 trillion in May.  Bitcoin, the clear market leader in terms of total market value, broke its previous all-time high and nearly 100% in 2021 while adding roughly $545 billion to its market capitalization — versus Gold: -2.5%, S&P500: 26%, and Nasdaq: 31% in the same time period. In terms of yearly highs, bitcoin reached $69,000 in early November, a year-to-high return of over 140%. Notably, all top ten cryptocurrencies by market capitalization, excluding stablecoins, had positive returns. Moreover, most cryptocurrencies in the top ten outperformed bitcoin with wide margins — including ether, even more than the previous year.  Active stocks in news today include:  China Xiangtai Food Co. Ltd. (NASDAQ: PLIN), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Canaan Inc. (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE).

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