December 2024 closed as the third most profitable month of the year for Bitcoin (BTC) miners, with revenues reaching $1.44 billion, according to The Block. This data marks the highest level of 2024 only behind March and Aprilwith observed profits of $2 billion and almost $1.8 billion, respectively. The profitability recorded by Bitcoin miners in December and throughout 2024 can be seen in the following graph.
In December 2024, BTC miners raised a total of $1.44 billion. Source: The Block. Although December ended up being the month with the highest profitability in Bitcoin mining in the last 8 months, it is worth remembering that, as BitcoinDynamic reported, this momentum began in November 2024. After Donald Trump's victory in the US presidential elections In the US on November 5, 2024, the price of bitcoin rose about 59% going from $68,000 to an all-time high (ATH) that surpassed $108,000 on December 17, according to TradingView. This percentage increase is a key factor behind the increase in mining profitability during the November to December period, since a higher asset price significantly increases the rewards received (3,125 BTC after the April 2024 halving) by miners in terms of monetary value.
Hashprice remains at high levels
Another relevant factor that led to the increase in BTC mining profitability was the hashprice value. This metric peaked at 0.065 dollars per day per unit of terahash (USD/TH/Daily) on December 17, 2024, having started this month at around 0.060 USD/TH/Daily, according to Braiins data.
The hashprice measures the daily income of bitcoin miners. Source: Brains. Although, as seen in the previous graph, during the last 10 days of December the hashprice value decreased given the fall in the price of BTC, this drop did not make it impossible that December ended as the third best month of the year in terms of mining profitability. At the time of this article, the hashprice stands at 0.056 USD/TH/Daily, a level seen in mid-November, in June 2024 and which was also surpassed during the first four months of last year, according to Braiins. This metric represents the daily income a miner can earn for each hash of computing power they contribute to the Bitcoin network. It is an indicator that measures the monetary value of the hash rate based on the price of bitcoin and the rewards generated by mining, including both block rewards and transaction fees paid by users. When the hashprice increases, it indicates that mining activity has become more lucrative. This can occur due to various factors, such as an increase in the price of bitcoin, a decrease in network difficulty, or an increase in transaction fees. In this way, after several consecutive months in 2024 in which bitcoin miners saw the profitability of their activity fall, they begin 2025 after two positive months.