Bitcoin Miners Earned $44 Million in a Day
13 Nov, 2023 ● Coin news
On November 12, the Bitcoin (BTC) mining community set an annual all-time high (ATH) of $44 million in block rewards and transaction fees.
Bitcoin mining generates revenue primarily through rewards for confirming Bitcoin transactions and generating new blocks using high-tech computer equipment called mining rigs.
Miners currently receive 6.25 BTC in addition to transaction fees for each successful block creation.
According to blockchain.com, daily Bitcoin mining rewards surpassed $44 million for the first time in 2023 on Nov. 12, a figure last seen in April 2022.
Several factors contributed to a drop in Bitcoin miners' global revenue between April 2022 and November 2023.
A prolonged bear market, negative investor sentiment surrounding scams and ecosystem collapses, and unfriendly regulations that prevent investors from freely transacting in Bitcoin are among them.
However, in 2023, the overall trend shifted as crypto entrepreneurs took control of the situation and helped restore investor confidence.
The mining industry saw a year-long increase in revenue as a result of rising market prices and growing public interest.
Marathon Digital Holdings, a Bitcoin mining firm, reported a 670% year-on-year revenue increase in the third quarter of 2023, despite a nearly five-fold increase in Bitcoin production.