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
Tesla Cybertruck: From Cracked Windows to Production Halt, a Three-and-a-Half Year Journey Ends
Since its launch in 2019, Cybertruck has been mired in controversy—ranging from a failed window demonstration on release day, a four-year delay in mass production, and its price rising from $39,900 to more than $100,000, along with a total of 11 recalls. The day before the halt of production was announced, Tesla raised the price once again, bringing a dramatic and intriguing end to the saga of this vehicle.
AI capital expenditure “peaks”; is the US economy also “peaking”?
Democrats to destroy the data center boom? Goldman Sachs bucks the trend with an upgrade forecast!
Goldman Sachs has raised its forecast for US data center construction spending against the trend, increasing the 2026 projection from $67 billion to $80 billion and, for the first time, projecting $125 billion for 2028. Despite the market panic caused by Texas's moratorium, Goldman Sachs believes this is essentially a delay rather than a termination, and the overall construction cycle remains resilient. However, highly leveraged developers face substantial risks from rising financing costs and contract cancellations.
Crypto prices
More
