Bitcoin miners achieve second-highest revenue mark in history

Bitcoin miners experienced their second-highest day of revenue in history on March 6, just after the price of Bitcoin reached a new all-time high above $69,200. According to Julio Moreno, head of research at CryptoQuant, daily Bitcoin miner revenue reached $75.9 million on that day. This surge in revenue coincided with the announcement from Bitcoin miner Hut 8 that they would be closing their mining site in Drumheller, Alberta, Canada due to power disruptions and rising energy costs. The facility had been mining an average of 48 Bitcoin per year, which represented about 1.4% of the firm’s holdings and 11% of its hash rate. The record for the highest daily revenue still stands at $77.3 million, which was achieved on April 14, 2021, when Bitcoin was trading above $60,000. In the days leading up to March 1, some of the largest Bitcoin mining stocks saw a decline of over 27% as Bitcoin reached $64,000. Analysts speculate that this drop may have been caused by investors being cautious about investing in Bitcoin miners ahead of the halving event. The halving will reduce Bitcoin miner rewards from 6.25 BTC to 3.125 BTC. Following the previous all-time high in miner revenue, the price of Bitcoin dropped by over 22% in the following 11 days. Currently, the price of Bitcoin is at $66,768, representing a 0.54% decrease in the past 24 hours. Despite this minor decrease, Bitcoin is up over 6.8% for the week. While most analysts remain optimistic about Bitcoin’s future, some predict that the price could drop below $44,000 in 2024.