Key Points
- Bitcoin mining revenue has reached a record high due to the cryptocurrency’s increasing value.
- Bitcoin’s price has seen a significant increase, with miners capitalizing on the bull run.
Bitcoin miners have experienced a boost in revenue, reaching an all-time high over the past weekend. This surge is attributed to the ongoing rise in the value of the world’s leading cryptocurrency, Bitcoin.
The seven-day moving average of miner earnings surpassed its previous record of $67.15 million in May 2021, hitting $68.28 million on March 9. The revenue further increased to $68.35 million on Sunday.
Bitcoin’s Record Price
Bitcoin established its highest price of $72,711 on Monday. Although it has since slightly decreased to trade around $72,000, it still represents a 5% growth within the last 24 hours leading up to Tuesday afternoon in Asia.
The price of Bitcoin has increased by over 230% compared to its value one year ago. This significant rise is partially attributed to the approval of spot Bitcoin ETFs in the U.S. earlier this year. Additionally, last week, the transaction volume on the Bitcoin network reached an 18-month high.
Miners Capitalizing on Bull Run
Miners are taking advantage of the current bull run, with 13 major Bitcoin mining companies ordering over $1 billion worth of mining rigs since last February.
Bitcoin is also anticipating its next halving event in April. This event is expected to decrease miner rewards from 6.25 Bitcoin per block to 3.125, effectively slowing down its supply growth.
