Bitcoin miners have made more than $700 million in revenue thus far in January

Bitcoin mining revenue for January has already surpassed December's total, reaching the highest level seen since January 2018.

According to data collected by The Block, bitcoin miners have generated $728.71 million as of January 20. By comparison, bitcoin miners brought in roughly $692 million in December, as previously reported. 

Underpinning these revenue figures is the rise in the price of bitcoin, which at last check is trading hands at roughly $35,000. Bitcoin's price surpassed $41,000 earlier this month.

The heightened revenue comes amid an extended supply crunch in the mining hardware sector, with demand far outstripping available machinery — and fueling a resurgence in demand for older machines as well.

What's more, existing firms like Galaxy Digital are throwing their hat in the proverbial ring by launching financial services geared toward miners. In the case of the Toronto-listed firm, Galaxy has also put together its own mining operation at a third-party location.