Record in Bitcoin mining revenues
As the upward momentum in Bitcoin prices continues, the daily earnings of Bitcoin miners have reached an all-time high.
Bitcoin miners' earnings reached all-time highs last week as the price of the largest cryptocurrency continues to trade at record levels.
According to data from CryptoQuant, daily miner revenue reached $78.6 million on March 7, exceeding the peak formed in April 2021 during the last crypto bull market. Bitcoin miners make money from the fees paid to them by users, as well as from the new coins they are given to verify transactions and add them to the blockchain network.
The increase in miner revenues comes against a backdrop where Bitcoin is up 70% so far this year.
On Monday, Bitcoin reached a record level, approaching $ 73 thousand.
After a prolonged decline in 2022 linked to a series of crypto scandals and bankruptcies, the Bitcoin price began to rise last year, gaining momentum from net inflows of approximately $9.5 billion into US spot Bitcoin Exchange-traded funds launched on January 11.
Bitcoin's halving in April, which will halve miner earnings and reduce the coin's supply growth, has also spurred expectations for higher prices.
For miners, this marks a marked turnaround from the depths of the crypto winter, when some were driven into bankruptcy. For example, CleanSpark Inc. and Marathon Digital Holdings Inc. The Valkyrie Bitcoin Miners ETF, which includes companies like , has more than doubled in the last 12 months.
According to Bloomberg, 13 of the largest mining companies have ordered special-purpose computers worth over $1 billion since February 2023.
