- The number of bitcoin transactions also hit an 18-month high last week.
- On March 9, the seven-day moving average of miner profits reached $68.28 million.
With the value of Bitcoin continuing to soar over the weekend, mining revenue for BTC reached an all-time high. On March 9, the seven-day moving average of miner profits reached $68.28 million, according to statistics from The Block. This surpassed the previous record of $67.15 million, set in May 2021. On Sunday, revenue increased even further, reaching $68.35 million.
Monday saw Bitcoin hit a new all-time high price of $72,711. According to statistics from CoinMarketCap, it increased 5% in the 24 hours before Tuesday afternoon in Asia, but it has subsequently dropped back down to trade at around $72,000. New spot Exchange-Traded Funds (ETFs) have increased institutional investors’ access to Bitcoin, which is driving the boom.
Pushing Boundaries Ahead of Halving
Earlier this year, the U.S. approved spot bitcoin ETFs, which caused the price of bitcoin to surge by more than 230% compared to its value a year before. The number of bitcoin transactions also hit an 18-month high last week.
A Bloomberg article citing statistics from TheMinerMag states that 13 large bitcoin mining firms have placed orders for mining rigs totaling more than $1 billion since February of last year, indicating that miners are in a mad dash to cash in on the current bull run.
The excitement around Bitcoin’s fourth halving event, which is scheduled to take place in about a month, is also a major factor in its recent upward trend. In April, Bitcoin will presumably undergo its next halving event, which will reduce the supply growth by cutting miner payouts from 6.25 bitcoin per block to 3.125 bitcoin.
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