Crypto News- Over the weekend, Bitcoin mining revenue reached an unprecedented peak, riding the wave of the world’s largest cryptocurrency’s escalating value. According to data from The Block, the seven-day moving average of miner earnings soared to $68.28 million on March 9, surpassing the previous record of $67.15 million set in May 2021. The momentum continued, reaching $68.35 million on Sunday, coinciding with Bitcoin’s record price of $72,711 on Monday. Despite a slight retracement to around $72,000, the cryptocurrency still boasted a notable 5% growth in the 24 hours leading up to Tuesday afternoon in Asia, as reported by The Block’s Price Page data.
Bitcoin Miner Revenue Peaks at Record Highs Amidst Soaring Prices
Notably, the Bitcoin price has surged by over 230% compared to its value one year ago, fueled in part by the approval of spot Bitcoin ETFs in the U.S. earlier this year. Last week, the transaction volume on the Bitcoin network hit an 18-month high, underscoring the cryptocurrency’s growing prominence.
In response to the bullish market conditions, miners have seized the opportunity, scrambling to capitalize on the ongoing bull run. A Bloomberg report, citing data from TheMinerMag, revealed that 13 major Bitcoin mining companies collectively invested over $1 billion in mining rigs since last February.
As the cryptocurrency community awaits Bitcoin’s next halving event in April, anticipation looms over the impending reduction in miner rewards. This event is expected to decrease rewards from 6.25 Bitcoin per block to 3.125, effectively curbing the coin’s supply growth. The convergence of record-high miner revenue, surging Bitcoin prices, and upcoming protocol changes sets the stage for a dynamic and evolving landscape in the world of cryptocurrency.
Leave a comment