Amid a market-wide rally, Bitcoin miners have struck a vein of digital gold. Reports from March 6 reveal a near-record revenue of $75.9 million in a single day, marking a significant milestone in the history of cryptocurrency.
According to CryptoPotato, this figure not only represents a 30.74% increase from the previous day but also an astounding 293.1% surge from the same date last year.
Julio Moreno, head of research at CryptoQuant, highlighted that this achievement is second only to the record set on April 14, 2021, when miners earned $77.3 million. Despite Bitcoin’s price correction of over 20% at that time, miners’ profitability remained robust.
The recent revenue spike aligns with Bitcoin’s price soaring past $69,000 before experiencing a sharp downturn, currently standing at just under $68,000. Interestingly, this decline did not deter investors from pouring money into US-listed spot Bitcoin ETFs, indicating a strong belief in the asset’s resilience and a strategic move to buy during the dip.
Mining operations continue to thrive, with the network hash rate maintaining near its peak of 650 Eh/sec. However, Bitcoin’s mining difficulty saw a slight decrease of 3% this month, now sitting at 79.35T according to Bitinfocharts data.
Bitcoin Mining Stock Prices Diverge from BTC Price
On the stock market front, Bitcoin mining stocks have recently diverged from the spot BTC prices. Blockware Solutions posits that investors may be cautious about investing in mining companies due to the upcoming 2024 halving event, which will reduce block rewards for miners.
This hesitancy is reflected in the past year’s trends, where mining stocks dipped while Bitcoin prices remained stable. Such periods have historically presented lucrative opportunities to buy mining stocks at lower prices.
Blockware Solutions reassures that these market adjustments are part of a healthy cycle, especially considering the impressive performance of Bitcoin mining stocks over the past 15 months. The inherent volatility of these assets means corrections are both natural and expected.
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