Bitcoin miner profits hit record high amid price surge

Bitcoin mining profits hit a new all-time high last weekend as the value of the world’s largest cryptocurrency continues to rise.

According to block dataThe seven-day moving average of miner revenue hit $68.28 million on March 9, surpassing the previous high of $67.15 million in May 2021. Sunday’s revenue rose further to $68.35 million.

bitcoin BTC

+4.31%
It hit a record high of $72,711 on Monday. It has since been tracked to trade around $72,000, but in Asia it still recorded growth of 5% in the last 24 hours as of Tuesday afternoon. The Block’s Pricing Page The data showed.

Bitcoin prices are up more than 230% from a year ago, thanks to the approval of a spot Bitcoin ETF in the United States earlier this year. last week trading volume The Bitcoin network also reached its highest level in 18 months.

Miners are scrambling to profit from the recent bull market, with 13 major Bitcoin mining companies ordering $1 billion worth of mining equipment since February, according to Bloomberg. report Quotation data From TheMinerMag.

Meanwhile, Bitcoin awaits the next halving event in April, which is expected to reduce miner rewards from 6.25 Bitcoin per block to 3.125 Bitcoin, essentially reducing the rate of supply growth.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.