The revenue of Bitcoin miners reached near-record highs, coming in as the second-largest daily total ever, just after Bitcoin soared to new all-time highs.
In the wake of a market-wide surge, Bitcoin miners have been cashing in significantly. On March 6th, their daily earnings hit an impressive $75.9 million, marking this as the second most lucrative day in the history of Bitcoin.
This represents a significant jump of 30.74% from the day before and an extraordinary increase of 293.1% from the same day the previous year.
A Historic Earnings Day for Bitcoin Miners
Julio Moreno, the head of research at CryptoQuant, highlighted this achievement, noting it only trails behind the record of $77.3 million set on April 14, 2021. At that time, Bitcoin faced a correction exceeding 20%.
This recent peak in miner revenue coincides with Bitcoin’s rapid ascent over $69,000, before experiencing a sharp decline the following Tuesday.
Despite the recent drop, Bitcoin has been trading around $67,000. In the meantime, U.S.-listed Bitcoin ETFs witnessed considerable inflows, indicating that ETF investors are looking past the recent market downturn, seizing the chance to buy at reduced prices.
In terms of mining, the network’s hash rate remains close to its peak at 650 Eh/sec. Meanwhile, Bitcoin’s mining difficulty saw a decrease of 3% this month, setting the difficulty at 79.35 T, as per Bitinfocharts data.
Bitcoin Mining Stocks See a Decline
There’s been a noticeable split between Bitcoin mining stocks and the spot prices of BTC. Blockware Solutions highlighted a growing caution among investors regarding investment in Bitcoin mining operations, especially with the 2024 halving on the horizon.
The firm also recalled that similar divergences happened twice last year, where Bitcoin mining stocks fell as BTC prices moved sideways. Those instances were seen as prime opportunities to purchase mining stocks at a bargain.
Blockware Solutions commented that such market adjustments are considered healthy, especially after the impressive run of Bitcoin mining stocks over the past 15 months. Corrections like these are natural and expected, reflecting the volatility inherent in these investments.