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Bitcoin Miners make $2 billion dollars.
Created : Saturday 15 April 2017 || By : Heyray
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Bitcoin’s come a long way since its inception way back in 2008. According to a recent report published by the Cambridge Centre for Alternative Finance, being a bitcoin miner has become incredibly lucrative since the cryptocurrency’s early days.

In a nutshell, the way miners generate revenue is by solving cryptographic puzzles attached to blocks of bitcoin transactions (this is also a means to confirm the transactions’ legitimacy). For solving these puzzles, miners gain a payout — which is currently worth 12.5 bitcoin (~$15,225.00).

Combined, the report found that bitcoin miners globally have pulled in over $2.07 billion in cumulative revenue. Given that bitcoin wasn’t even worth over $1 until April of 2011, most of this revenue has been generated in just the past few years.

The report indicates that revenue generated by the bitcoin mining sector could even be higher, since it didn’t include revenue from selling mining equipment or cloud mining services.

Global Cryptocurrency Benchmarking Study

Some of the key findings include the following:

The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million.
The lines between the different cryptocurrency industry sectors are increasingly blurred: 31 per cent of cryptocurrency companies surveyed are operating across two cryptocurrency industry sectors or more, giving rise to an increasing number of universal cryptocurrency companies.
At least 1,876 people are working full- time in the cryptocurrency industry, and the actual total figure is likely well above two thousand when large mining organisations and other organisations that did not provide headcount figures are added.
Average security headcount and costs for payment companies and exchanges as a percentage of total headcount/operating expenses are similar, but significantly higher for wallets.

Download PDF report