Bitcoin Miners Reach Annual All-Time High Earning $44M in a Day

The Annual All-Time High of Bitcoin Mining

The Bitcoin (BTC) mining industry achieved its all-time high (ATH) on Nov. 12, with revenue from block rewards and transaction fees surpassing $44 million.

Miners receive 6.25 BTC for every successful block creation and transaction fees. This is the main source of income for Bitcoin miners.

Data from blockchain.com revealed that the daily Bitcoin mining rewards on Nov. 12 surpassed the $44 million mark for the first time since April 2022.

Between April 2022 and November 2023, the income of Bitcoin miners decreased due to a range of factors, such as a prolonged bear market, negative investor sentiment towards scams and ecosystem collapses, and restrictive regulations that impede the free transaction of Bitcoin.

The Difference Between Web 2.0 and Web 3.0

In 2023, the crypto industry experienced a reversal of fortune as entrepreneurs took the lead in restoring investor confidence. This was due to the rise in market prices and the increasing popularity of cryptocurrencies, which resulted in a year-long increase in revenue for miners.

For example, Bitcoin mining firm Marathon Digital Holdings announced a 670% year-on-year growth in revenue in the third quarter of 2023, with Bitcoin production increasing by five times.

Not only Bitcoin mining companies and individual miners are involved in securing the Bitcoin network, but many countries also partake in mining activities. Cointelegraph reported that Bhutan, an Asian landlocked country, has been mining Bitcoin with hydropower since April 2019, when the price of BTC was $5,000.

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The kingdom has been exploring collaborations to broaden its mining activities. Notably, it is in discussions with Bitdeer, a Nasdaq-listed mining firm, to obtain 100 megawatts of energy for a Bitcoin mining data center in Bhutan. This partnership would raise Bitdeer’s mining capacity by roughly 12%.

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