- Bitcoin mining revenue peaks: Seven-day average hits $68.35 million, surpassing the previous record.
- Bitcoin’s record price: Soared to $72,711, contributing to a 5% growth despite a slight retracement.
- Miners capitalize on the bull run: Over $1 billion worth of mining rigs ordered since February 2023 by major companies.
Bitcoin mining revenue has soared to unprecedented levels, breaking previous records as the value of the leading cryptocurrency continues its upward trajectory.
According to data from The Block, the seven-day moving average of miner earnings hit $68.28 million on March 9. This is after surpassing the previous all-time high of $67.15 million recorded in May 2021. This surge in revenue further climbed to $68.35 million on Sunday.
Bitcoin Hits Record Price
The remarkable increase in mining revenue aligns with Bitcoin’s recent achievement of a record price of $72,711 on Monday. Although the price has retraced to trade around $72,000, it still reflects a notable 5% growth in the last 24 hours leading up to Tuesday afternoon in Asia, as reported by The Block’s Price Page data.
Bitcoin’s price surge, marking a staggering 230% rise from its value a year ago, can be attributed to various factors. The recent approvals of spot Bitcoin ETFs in the U.S. have played a pivotal role in boosting market confidence.
Additionally, last week witnessed the bitcoin network’s transaction volume reaching its 18-month high, indicating increased activity and interest in the cryptocurrency.
Mining Industry’s Response
The ongoing bull run has prompted a flurry of activity among miners, with 13 major bitcoin mining companies collectively ordering over $1 billion worth of mining rigs since February of the previous year. This trend underscores the industry’s efforts to capitalize on the favorable market conditions and maximize profits.
As the cryptocurrency market continues to thrive, the Bitcoin community eagerly awaits the next halving event scheduled for April. This anticipated event is expected to reduce miner rewards from 6.25 bitcoin per block to 3.125, effectively curbing the cryptocurrency’s supply growth.
In summary, the intersection of a bullish market, institutional interest, and impending protocol changes positions Bitcoin. The mining industry at the forefront of financial discussions, with record-breaking mining revenues marking another milestone in the cryptocurrency’s volatile yet captivating journey.
Other Articles
No Comment! Be the first one.