Within the last six years, bitcoin mining revenues increased almost 20-fold. In 2019, miners earned more than $5 billion in total.

According to Statista, in 2019, global bitcoin mining revenues exceeded $5 billion. It is almost a 20-fold increase over a six-year period. Over the reporting period, BTC mining revenues grew almost every year. In 2013, the world's mining revenue amounted to $260 million. A year later in 2014 this figure increased to $700 million.

By the end of 2017, a year after the bitcoin halving, the industry's revenue reached $3.19 billion. Despite the crash in early 2018, that year mining revenue increased substantially peaking at $5.26 billion.

In approximately 42 days, the third bitcoin halving will take place. It will reduce the block reward from 12.5 BTC to 6.25 BTC. Thus, the income of each miner will be reduced by half, at least at the initial stage. But bitcoin miners are already suffering from revenue drop due to bitcoin price crash in mid-March.

Unprofitable miners who made big bets on the price rally on the eve of halving are forced to switch off and sell their machines. As a result, the bitcoin hashrate, the computing power of all miners combined, has almost halved compared to the peak value of 2020.