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Bitcoin mining earnings have soared to unprecedented levels, aligning with the ongoing surge in the leading cryptocurrency's value.
According to data compiled by CryptoQuant, miners raked in a daily revenue of $78.6 million on March 7, surpassing the previous record set during the peak of the crypto boom in April 2021. Miners accumulate income through both newly minted cryptos for verifying and recording transactions and user fees.
Mining Revenue Hits New Heights
This surge in miner revenues comes amidst a remarkable 70% increase in Bitcoin's value this year, propelling the crypto asset to surpass the $70,000 threshold for the first time. The upward trajectory traces back to a rally that commenced in mid-October 2023 but gained substantial momentum after January 11, following the approval of spot Bitcoin exchange-traded funds (ETFs) for trading by the US Securities and Exchange Commission (SEC).
Bitcoin network difficulty has dropped slightly to 79.35T after reaching 80T for the first time last month.
Recovery for Bitcoin Miners
Bitcoin miners, once among the most adversely affected players in the cryptocurrency realm following a series of scandals and bankruptcies in 2022, have experienced a remarkable turnaround. The prolonged slump led to the bankruptcy of two major firms, Core Scientific Inc. and Compute North, with others facing liquidity concerns. However, Core Scientific successfully emerged from bankruptcy and relisted in January.
According to Crypto Potato, Bitcoin miners focus on survival, pouring billions into equipment and significantly ramping up energy consumption ahead of the halving event, threatening their revenue streams.
Based on a Coin Telegraph report, additional data provided by Glassnode indicates that BTC balances held in miner wallets have plummeted to a three-year low of 1.8 million BTC, confirming the ongoing offloading.
The upcoming halving event in April, which will reduce the rewards for miners and slow down the coin's supply growth, has intensified speculation of further price increases.
This resurgence starkly contrasts the depths of the crypto winter when numerous miners faced bankruptcy.
Companies are racing to position themselves for success. Bloomberg reports that since February 2023, 13 of the top mining firms have made orders exceeding $1 billion for more specialized mining computers.
Photo: Dmytro Demidko/Unsplash
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