Bitcoin miners generated an estimated $692 million in revenue in December, up 33% from November, according to on-chain data from Coin Metrics analyzed by CoinDesk.

Extending November’s own 48% increase, miner revenues continued to soar as bitcoin rallied over 300% last year, briefly trading above $29,000 for the first time ever on New Year’s Eve. 

Revenue estimates assume miners sell their BTC immediately.

Measured by per terahash per second (TH/s), miner revenues nearly tripled in the…

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