Raking in a cumulative profit of $52.3 million within a day, Bitcoin miners this week (March 14 to March 20) had managed to reach a record-breaking all-time high, Glassnode reports. The report sheds light on a recent Bitcoin halving event (which turned 12.5 BTC block rewards to 6.25 BTC), in which the activity didn’t seem to cut through to the miners.
With on-chain transactions booming, Bitcoin miners are able to lucratively reap from their efforts. Both actions inside the cryptocurrency ecosystem point to a very active (and currently sustainable) environment. The only problem with it is the ton of energy it consumes, as a study from the University of Cambridge shows that a year of Bitcoin mining cumulatively uses more energy than the whole of Argentina (which has a population of approximately 45 million). To add, the carbon emissions that Bitcoin mining produces are about to equal that of the entire city of London, which could possibly add 2 percent to the Earth’s temperature.
Notably, mining activities is bound to swell as time progresses as government around the world see it as a viable industry that can produce more jobs and also an opportunity to leverage on the burgeoning crypto industry. Already, Iran has stepped up its plans to make the country an attractive option for Bitcoin miners. In the United States, lawmakers in Kentucky recently approved a bill that looks to incentivize commercial crypto mining in the state.