Crypto:
30336
Bitcoin:
$65.013
% 0.21
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 65.013
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Bitcoin Miners Strike Gold: Revenue Hits All-Time High as Price Soars

Bitcoin Miners

Bitcoin miners revenue reached an all-time high amidst a surge in prices over the weekend. The value of the world’s largest cryptocurrency continued to climb, propelling mining earnings to new heights.

Based on 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. By Sunday, revenue had surged further to $68.35 million.

Bitcoin achieved a record price of $72,711 on Monday before retracing slightly to hover around $72,000. Nonetheless, it still demonstrated a 5% growth within the last 24 hours leading up to Tuesday afternoon in Asia, according to data from The Block’s Price Page.

The cryptocurrency’s price has surged by over 230% compared to its value one year ago, primarily fueled by spot bitcoin ETF approvals in the U.S. earlier this year. Furthermore, transaction volume on the bitcoin network reached its highest level in 18 months last week.

In response to the ongoing bull run, major Bitcoin miners companies have rushed to capitalize, collectively ordering over $1 billion worth of mining rigs since February of last year, as reported by Bloomberg, citing data from TheMinerMag.

Meanwhile, bitcoin anticipates its next halving event in April, which is projected to reduce miner rewards from 6.25 bitcoin per block to 3.125, effectively curbing its supply growth.


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