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Tuesday, May 21, 2024

Bitcoin Miners Earned $75.9 Million in Daily Revenue, Second-Highest in History

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Amidst the market-wide rally, Bitcoin miners appear to be reaping substantial rewards. On March 6th, they earned a staggering $75.9 million in daily revenue marking the second-highest figure in the leading crypto asset’s history.

This also represented a notable increase of 30.74% from the previous day and a remarkable surge of 293.1% compared to the same date one year ago.

Record-Breaking Day for Bitcoin Miners

As updated by Julio Moreno, head of research at CryptoQuant, this milestone closely follows the record set on April 14, 2021, when miners accumulated a whopping $77.3 million in a single day. During that time, Bitcoin experienced a correction of more than 20%.

Meanwhile, the latest surge comes amid Bitcoin’s swift surge beyond $69,000, which was subsequently transformed into a tumultuous downturn on Tuesday.

The leading crypto asset was currently trading at around $67,000. Despite the decline, the US-listed spot Bitcoin exchange-traded funds (ETFs) saw significant inflows, suggesting that ETF investors remained undeterred by the market dip and took advantage of the opportunity to purchase at lower prices.

On the mining side of things, the network hash rate continued to hover near its all-time high of 650 Eh/sec. Bitcoin’s mining difficulty, on the other hand, experienced a reduction of 3% this month, bringing the current level to 79.35 T, according to data from Bitinfocharts.

Bitcoin Mining Stocks Dip

Bitcoin mining stocks witnessed a divergence from spot BTC prices recently. Blockware Solutions suggests that investors might be hesitant to allocate funds to Bitcoin miners amidst anticipation of the 2024 halving event.

The company also noted that similar disparities occurred twice in the previous year: Bitcoin mining stocks plummeted while BTC maintained a sideways trajectory. In both instances, it proved to be an advantageous opportunity to acquire mining stocks at a reduced price.

Blockcware Solutions said that these adjustments are deemed healthy, particularly given the remarkable performance of Bitcoin mining equities over the past 15 months. Such corrections are natural and expected given the inherent volatility of these assets.

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