Bitcoin Mining Daily Revenue Reaches All-Time High
The upcoming halving event in April, which will halve miner rewards and slow down the coin’s supply growth, has also fueled expectations of further price increases.
Bitcoin miners have witnessed record-breaking earnings as the price of the largest cryptocurrency continues to trade at historic levels. On March 7, daily miner revenue soared to an all-time high of $78.6 million, according to data from CryptoQuant, surpassing the previous peak set during the April 2021 crypto bull market. Bitcoin miners earn revenue from newly minted coins awarded to them for validating and adding transactions to the blockchain network, as well as from transaction fees paid by users.
The impressive earnings represent a significant turnaround for miners from the challenges faced during the crypto winter, which saw some companies facing bankruptcy. Bitcoin's price began rallying last year after a prolonged slump, further fueled by a net inflow of approximately $9.5 billion into US spot bitcoin exchange-traded funds that debuted on January 11.
The upcoming halving event in April, which will halve miner rewards and slow down the coin’s supply growth, has also fueled expectations of further price increases.
Meanwhile, Bitcoin hit a record high above $72,000 on Monday, with its rally showing no signs of slowing down. The flood of cash into new spot ETFs and hopes of a potential interest rate cut by the US Federal Reserve have further boosted the cryptocurrency's value.
With the industry experiencing a significant turnaround, companies are actively positioning themselves for success. Since February 2023, 13 leading mining firms have collectively placed orders for specialized computers worth over $1 billion, signaling their confidence in the continued growth of Bitcoin mining operations.
