Avalanche (avax) 
Bitcoin’s price surge has led to a notable increase in miner revenues, setting a new record high. According to data from Blockchain.com, daily Bitcoin mining rewards hit $78.89 million on March 11, surpassing the previous peak of $74.4 million in October 2021.
Miner revenues mainly stem from rewards for creating new blocks and verifying transactions on the Bitcoin blockchain. Currently, miners receive 6.25 BTC for each successful block along with transaction fees.
Bitcoin reached an all-time high of $72,953 on March 12 before retracing to $69,655. Despite the dip, it remains up 246% over the past year, as per CoinMarketCap data.
The mining industry has also seen a substantial revenue growth of 212% in USD, with Bitcoin mining revenue climbing from $25.23 million on March 17, 2023, to around $78.89 million on March 11.
Additionally, the Bitcoin hash rate has surged to an all-time high of 676 exahashes per second on Feb. 2, indicating an increased number of miners securing the blockchain network.
The spike in miner revenue and hash rate can be attributed to the rise in on-chain activity. This week, the number of transactions on the Bitcoin network hit an all-time high of 974.7 million, marking a 20% increase over the past year.
As BTC’s price rally is linked to higher capital inflow into U.S. spot Bitcoin ETFs, the upcoming halving event is a significant development to monitor. The halving, expected in April, will cut miner rewards from 6.25 BTC to 3.125 BTC.
In anticipation of the halving, miners are investing profits from the recent BTC rally to expand their operations. Major mining firms have ordered over $1 billion worth of mining rigs, with Bitfarms acquiring an additional 10 EH/s Bitcoin miners for $143 million.
Glassnode data reveals that Bitcoin miners are selling off BTC amid the price surge, likely in preparation for reduced earnings post-halving. Miner wallet balances have dropped to a three-year low of 1.8 million BTC, indicating significant profit-taking.
In conclusion, as Bitcoin’s price continues to rise, miner revenues are increasing, leading to more profit-taking activities. Readers are advised to conduct their own research before making any investment decisions. For more news on cryptocurrencies and finance, explore Global Crypto News.
