Bitcoin Miners Earned Their Second-Highest Revenue Ever

Bitcoin miners experienced a significant revenue surge on March 6 with daily earnings surpassing $75.9m the second-best day ever.

March 6 marked the second-highest revenue day for Bitcoin miners, occurring just after Bitcoin soared to a record high above $69,200. Daily earnings from Bitcoin miners exceeded $75.9 million on that date according to a statement by Julio Moreno head of research at CryptoQuant.

Canadian bitcoin miner Hut 8 announced the immediate closure of its Drumheller, Alberta, location due to power outages and increasing energy costs coinciding with the revenue increase. According to a March 6 release, the facility mined 48 bitcoins annually on average or 1.4% of the firm’s assets and 11% of its hash rate.

Bitcoin trading above the $60,000 level on April 14, 2021 led to a record $77.3 million in daily revenue making the $75.9 million day the second-best day. In the three days preceding March 1, some of the biggest Bitcoin miners’ stocks saw a decline of more than 27% as the cryptocurrency hit $64,000.

According to lead analyst Mitchell Askew of Blockware Solutions, the “most logical” reason 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.

The Bitcoin price 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 hour before 9:53 a.m. 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.

“Though I’m comfortable with an indeterminate future, and where we’re currently at technically and potentially a pivotal point with resistance at previous ATHs, the default option has to be to stick with the continued parabolic move until at least the bold dotted line is broken.”