Bitcoin miners earned $44 million a day to set an annual all-time high
The Bitcoin (BTC) mining community hit an all-time high (ATH) on November 12 after earning more than $44 million in block rewards and transaction fees.
Earnings from Bitcoin mining are primarily earned by verifying Bitcoin transactions and creating new blocks using high-tech computer equipment known as mining. Miners currently receive 6.25 BTC for each successful block creation in addition to transaction fees.
In the year On November 12, daily Bitcoin mining rewards exceeded $44 million for the first time in 2023, with the number expected to end in April 2022, according to blockchain.com.
Between April 2022 and November 2023, several factors contributed to the decline in Bitcoin mining revenue worldwide. They include an extended bear market, negative investor sentiment around fraud and ecosystem collapse, and unfavorable regulations that prevent investors from trading bitcoin freely.
However, 2023 saw a reversal of the overall trend as crypto entrepreneurs took control of the situation and helped them regain investor confidence. The mining community has seen a year-long increase in income due to rising demand from the masses.
Marathon's Q3 earnings release is here: $97.8M in revenue, 467% increase in #Bitcoin production and higher BTC price – Adjusted EBITDA to $43.7M.- 8% increase in hash rate. Expansion of hydro-powered venture in Paraguay – long-term debt reduced by 56%,…
— Marathon Digital Holdings (NASDAQ: MARA ) (@MarthonDH) November 8, 2023
Bitcoin mining firm Marathon Digital Holdings reported a 670 percent increase in revenue in the third quarter of 2023, as Bitcoin production increased nearly fivefold.
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Alongside Bitcoin mining companies and individual miners, many countries are actively involved in securing the Bitcoin network through mining.
Recently, Cointelegraph reported that the landlocked Asian nation of Bhutan has been actively working with Bitcoin Hydropower since the price of BTC hit $5,000 in April 2019.
The kingdom has reportedly explored joint ventures to further expand its mining operations. Specifically, it is negotiating with Nasdaq-listed mining company BitDeer to secure 100 megawatts of power for its Bitcoin mining data center in Bhutan. This partnership will increase Bitdar's mining capacity by approximately 12%.
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