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Bitcoin miners raked in more than $1 billion in combined earnings last month. Here’s how they make money. – Business Insider

As of February 2021, miners gain 6.25 bitcoin for every new block mined – equal to about $330,475 based on current value.

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Bitcoin miners earned a combined $1.1 billion in January.
REUTERS/Colm Fulton
Bitcoin is created on a decentralized network called the blockchain, where a vast network of digital “miners” work to verify transactions at any given time.
These miners earned a combined $1.1 billion in January, up 62% from December, when bitcoin’s price surged to $42,000. The road to making this amount of money is no easy feat.
What do bitcoin miners do?
Miners have the responsibility to audit transactions on the blockchain…

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