Following Bitcoin’s 4th halving and Donald Trump’s historical victory in the presidential elections in the United States has significantly helped BTC prices to reach new milestones, the majority of digital assets miners, especially Bitcoin miners have booked significant profit by selling their holdings.
According to a recent report by TheMinerMag, almost all major digital asset miners, especially Bitcoin, have released their third quarter, yet CleanSpark’s earnings are still awaited.
It further notes that around 16 publicly traded mining firms collectively raised more than $5 billion via equity & debt financing YTD, however, they spent over $3.6 billion on property, plant, and equipment including others.
The report further quotes “Recently hit an all-time high near 790 exahashes per second or 790 EH/s (7-day moving average) despite the Bitcoin halving.” It is worth noting that in the past one quarter miners have reported a surge in revenue from mining Bitcoin, helping them to improve their balance sheet.
On the other hand, miners have closely worked on improving their infrastructure by investing a significant portion of their earnings in enhancing machinery and other required equipment. Nowadays Bitman has gained severe traction and currently is dominating ASIC and others, mining has also contributed majorly to the flourishing of the vast cryptocurrency market.
Bitcoin Miners to Reach Unexpected Milestones!
Bitcoin has seen many ups and downs since its evolution, yet in recent years it has gained major traction globally, with a spike in trading prices, adoption, and volume.
Source: CoinMarketCap
As per several available reports, BTC’s market capitalization could surpass the total GDP of developing nations such as India and others, at the same time its market cap was $1.91 trillion with a surge of 1.91 percent in 24 hours.
In the broader crypto market, miners are appreciated for their crucial role in transaction validation, block minting, and others, yet since the opening of 2024, the revenue of miners has reached new heights following the spiking prices of Bitcoin.
There are speculations that digital asset miners could register more profits in the coming times, as the market is expecting fresh and favorable rules and regulations for the crypto market. However, the mining hashrate has been growing with time, which resulted in the compulsion of machinery and hardware upgradation.
For the continuous growth of miners, there is a serious need for the implementation of favorable rules for miners and less regulatory uncertainty. In the past two months, Russian enforcement agencies and regulators have crackdown on more than a dozen miners over the allegations of unregistered operation.
Earlier on November 14, 2024, Todayq reported that a sudden spike surge in the on-chain activity was seen which was primarily fueled by the selling of Bitcoin by the miners at the time when prices were approaching the mark above $95k.
Several Bitcoin miners have sold off their holdings to capitalize on BTC reaching new price highs.
According to CryptoQuant’s Julio Moreno, miners transferred approximately 25,000 BTC from their wallets to various exchanges and payment platforms within a few hours, aiming to secure substantial profits from their reserves.
