Second-Best Day Ever for Bitcoin Miner Revenue

On March 6, one day after the price of Bitcoin reached a new all-time high above $69,200, miner revenue had its second-best day ever.

On March 6, the daily revenue generated by Bitcoin miners topped $75.9 million, as stated in a post on X by Julio Moreno, the researcher at CryptoQuant.

The increase in revenue coincided with the announcement made by Canadian bitcoin miner Hut 8 that it was closing its Drumheller, Alberta, location effective immediately owing to power outages and rising energy expenses.

According to a March 6 release, the facility mined 48 Bitcoin annually on average, or 1.4% of the firm’s assets and 11% of its hash rate.

After the record $77.3 million daily revenue made on April 14, 2021, when Bitcoin was trading above the $60,000 level, the $75.9 million day ranks as the second-best day.

In the three days preceding March 1, some of the biggest stocks of Bitcoin miners saw a decline of more than 27% as the cryptocurrency hit $64,000.

The “most logical” rationale, in the words of lead analyst Mitchell Askew of Blockware Solutions, is that investors are wary of investing money in Bitcoin miners in advance of the eagerly anticipated halving.

As of this writing, the halving event will reduce Bitcoin miner payouts from 6.25 BTC, or $417,279, to 3.125 BTC, or $208,638.

Is a Correction in the Price of Bitcoin Due?

The price of Bitcoin fell more than 22% in the 11 days that followed the previous all-time high in miner earnings, from $63,575 on April 14 to a resistance of $49,066 on April 25.

In the 24 hours before 9:53 am UTC, the price of bitcoin decreased by 0.54%, trading at $66,768. On the weekly chart, the first cryptocurrency in history is up more than 6.8%.

Although most analysts are bullish on Bitcoin’s future course, technical analysis by anonymous Bitcoin analyst Dave the wave, who wrote the following on March 5 X: “Bitcoin prices may still see a retracement to below $44,000 during 2024.”

“Although I am at ease with an uncertain future, and where we are at this moment technically and potentially at a turning point with resistance at past ATHs, the default must be to maintain the continuous parabolic move until the bold dotted line is broken at the very least.”

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