Bitcoin miner revenue hits all-time high amid price surge
Daily bitcoin mining revenue surpassed its previous 2021 high over the weekend, The Block data showed.
According to The Block data , the seven-day moving average of miner earnings hit $68.28 million on March 9, surpassing the previous all-time high of $67.15 million in May 2021. The revenue rose further to $68.35 million on Sunday.
Bitcoin BTC +4.23% set its record price of $72,711 on Monday. It has since traced back to trade around $72,000, but it still marked a 5% growth in the last 24 hours leading up to Tuesday afternoon in Asia, The Block’s Price Page data showed.
The bitcoin price rose by over 230% from its value one year ago, on the back of spot bitcoin ETF approvals in the U.S. earlier this year. Last week, the transaction volume on the bitcoin network also reached its 18-month high.
Miners have been scurrying to profit from the latest bull run, with 13 major bitcoin mining companies ordering over $1 billion worth of mining rigs since last February, according to a Bloomberg report citing data from TheMinerMag.
Meanwhile, bitcoin is awaiting its next halving event in April, which is expected to cut miner rewards from 6.25 bitcoin per block to 3.125, essentially reducing its supply growth.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Besant intervenes in the bond market, casting a shadow over Walsh's call for the market to "follow the data"
Basent's announcement to expand Treasury repo operations has caused confusion over policy signals, directly impacting the new communication framework recently established by Federal Reserve Chairman Walsch. Walsch had urged the market to base actions on economic data rather than the Fed's own interest rate forecasts, while the Fed also uses market pricing as a reference for economic assessment. Analysts point out that if the US Treasury manages to suppress long-term yields, it may force the Federal Reserve to resume interest rate hikes.
CFTC Signals a New Crypto Era: 5 Altcoins That Could Benefit From Clearer U.S. Rules, DeFi Access and Tokenization
Altseason 3.0 Alert: 5 Altcoins to Watch as Trump’s Crypto Push and Treasury Buybacks Set the Stage for a Massive Breakout
CITIC Securities: What is the impact of fiscal buybacks on US Treasuries, gold, and technology?
Treasury buybacks are a common management tool used by the U.S. Treasury Department to manage the liquidity of old Treasury securities and Treasury cash.
Crypto prices
More
