Publicly traded bitcoin miners' market cap is approaching $40 billion, doubling in just seven months., doubling in seven months as bitcoin's price rocketed through multiple record highs to approach six figures for the first time., when their combined market cap was about $20 billion. In this current epoch, only 450 bitcoin are mined a day and fees paid to miners remain at cycle lows, just 10 BTC on Nov. 27 according to Glassnode data.
The heart of the issue is the soaring hashrate, which has held above 700 exahash per second for more than a month. The hashrate is the computational power required to mine and process transactions on a
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