Bitcoin Miner Daily Revenue Surges to Record High Before Halving
Skip to content
AZC.News
en EN
BTC Coin BTC
0.63%
ETH Coin ETH
0.02%
USDT Coin USDT
0.03%
BNB Coin BNB
0.75%
SOL Coin SOL
2.22%
XRP Coin XRP
11.14%
USDC Coin USDC
0.01%
ADA Coin ADA
0.79%
DOGE Coin DOGE
-3.52%
SHIB Coin SHIB
-5.86%
BTC Coin BTC
0.63%
ETH Coin ETH
0.02%
USDT Coin USDT
0.03%
BNB Coin BNB
0.75%
SOL Coin SOL
2.22%
XRP Coin XRP
11.14%
USDC Coin USDC
0.01%
ADA Coin ADA
0.79%
DOGE Coin DOGE
-3.52%
SHIB Coin SHIB
-5.86%
Search...
Home > News
Published: 12/03/2024
-
Author: Leexim
Bitcoin Miner Daily Revenue Surges to Record High Before Halving
Despite significant sell-offs in recent months, the treasury value of Bitcoin miners has surged to an unprecedented $131 billion.
Azcnews (1)
Table of Contents
When the price of Bitcoin (BTC) unexpectedly reached a new peak, Bitcoin mining companies also reaped record profits. According to blockchain data, the daily revenue of Bitcoin mining companies has hit a new all-time high since April 2021.
Bitcoin Miner Daily Revenue Skyrockets
According to CryptoQuant data, the daily revenue of miners reached $78.6 million on March 7, surpassing the previous peak recorded during the last bull run in April 2021. The income of Bitcoin miners stems from minting new coins to verify transactions on the blockchain and from fees paid by users.
This rapid revenue growth is in line with the impressive price surge of Bitcoin, up by 70% since the beginning of the year. The cryptocurrency recently reached a historic high of $72,881 on Monday and continued trading at $72,668.
Btcusdt Tradingview
Btcusdt Tradingview
However, the increase in Bitcoin revenue also translates to higher energy consumption. According to the latest report, Bitcoin mining companies have consumed a record amount of energy in the past month. This increased mining activity coincides with a reduced supply, contributing to the stable and sustainable rise of BTC.
Based on Coin Metrics’ estimates, the total electricity consumption of mining machines reached 19.6 gigawatts last month, a significant increase compared to the 12.1 gigawatts recorded during the same period in 2023. This figure represents a growth rate of up to 61%.
The U.S. Treasury is proposing a special consumption tax targeting companies engaged in digital asset mining, with the tax rate potentially reaching up to 30% of the electricity cost for mining activities. If this proposal is accepted, mining enterprises will be required to disclose details about the quantity and source of electricity consumption, as well as the related costs for externally purchased power.
Treasury Amount at ATH Despite Miner Selling
Bitcoin Miner Reserve
Bitcoin Miner Reserve
Despite the sale of mining machines, the amount of Bitcoin held by mining companies has significantly decreased, totaling a reduction of 14,128 BTC, equivalent to 1 billion USD, since the beginning of the year. Recent data indicates that most days in the past month have witnessed an outflow of funds from Bitcoin mining companies. However, these businesses still retain a considerable amount of Bitcoin, up to 1.82 million BTC, with a value of up to 131 billion USD – the highest value recorded in U.S. dollars.
Related: Bitcoin Surges to $72,000 as ETF Funds Continue Breaking Records
An interesting development is that Bitcoin mining companies are taking actions contrary to exchange-traded funds (ETFs), as they appear to be reducing the amount of Bitcoin held, while institutional investors are purchasing digital assets on behalf of ETF shareholders.
The anticipated Bitcoin halving event in April, designed to halve the reward for miners and reduce the coin’s supply growth rate, is fueling rumors of an imminent price increase.
These fluctuations mark a notable shift for Bitcoin mining companies away from the challenging conditions of the cryptocurrency winter, where some businesses faced the risk of bankruptcy. Notably, the Valkyrie Bitcoin Miners ETF, comprising companies such as CleanSpark Inc. and Marathon Digital Holdings Inc., has surged by over 100% in the past year.
Read Less
4.0/5
(3 votes)
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews (4)
News | Editor Choice | NFT 12/03/2024
NFTfi Raises $6 Million in Series A1
NFTfi’s latest funding round, led by Placeholder VC, has increased the total amount raised to $15 million. Previously, it raised $5 million in a series A round in 2021.
Azcnews Breaking
News | Altcoin | Editor Choice 12/03/2024
Starknet (STRK) Establishes GameFi Development Fund
The newly established committee will develop and propose programs aimed at attracting game developers and users to the Starknet (STRK) ecosystem.
Azcnews (3)
News | Altcoin | Editor Choice 12/03/2024
Ethereum Layer 2 Tokens Gain Attention Ahead of Dencun Upgrade
Investors are keeping a close watch on Layer 2 tokens like Arbitrum (ARB), Optimism (OP), Lido DAO (LDO), and Metis, anticipating a significant reduction in gas fees across their respective L2 networks.
Azcnews Breaking
News | Altcoin | Editor Choice 12/03/2024
Monad Seeks $200 Million Funding from Paradigm
The layer-1 blockchain project Monad is in discussions with several investment funds, including Paradigm, regarding conducting a fundraising round with a value of up to $200 million.
Azcnews (2)
News | Defi | Editor Choice | Policy & Regulations 12/03/2024
Major DeFi Protocol Hacked: $2 Million Stolen
Unizen fell victim to a recent exploit, where a trade aggregator attack manipulated smart contracts, resulting in a loss of $2.1 million.
Top views
1
Memecoins Have Been Leading The Market For Several Days
2
Blast Releases Mainnet, Expected Airdrop Redemption Schedule
3
Bitcoin Market Shows Over 20% Gap in Supply and Demand Dynamics
4
What is Axelar Network? Information about Token AXL?
5
SynFutures Launches V3 on Layer-2 Blast
6
Bitcoin Surges to $65,000 as Tether Unleashes 1 Billion USDT
7
Cryptocurrency Exchanges in Korea Surge Amidst Bitcoin Rally
8
Taiko Raises an Additional $15 Million in Series A Round
9
XRP Whales Shift 62 Million Tokens in Price Rally
10
Get $90,000 in DODO from Binance Airdrop
About AZC.News
About Us
Contact Us
Privacy Policy
Terms of Services
Market
Analytics
Top Crypto Exchange
Top Cryptocurrency
Knowledge
Research
Glossary
Earn
Airdrop
Social Community
Copyright 2024 © AZ Coiner
