Bitcoin miner revenue records second-best day in history

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Bitcoin miner revenue recorded its second-best day in history on March 6, a day after Bitcoin (BTC) price hit a new all-time high above $69,200.

Daily Bitcoin miner revenue reached $75.9 million on March 6, according to an X post by Julio Moreno, head of research at CryptoQuant.

Bitcoin Miner Daily Revenue. Source: Julio Moreno on X

The revenue surge came the same day as Bitcoin miner Hut 8 announced closing its mining site in Drumheller, Alberta, Canada, with immediately effect due to power disruptions and surging energy costs.

The facility mined 48 Bitcoins per year, representing approximately 1.4% of the firm’s holdings, at the cost of 11% of its hash rate, according to a March 6 announcement.

The $75.9 million represents the second-best day after the record $77.3 million daily revenue generated on April 14, 2021, when Bitcoin was trading above the $60,000 mark.

Some of the largest Bitcoin mining stocks dipped over 27% in the three days leading up to March 1, as Bitcoin reached the $64,000 mark.

According to Blockware Solutions’ head analyst Mitchell Askew, the “most logical” explanation is investors being weary of deploying capital into Bitcoin miners ahead of the much-awaited halving.

The halving event will see Bitcoin miner rewards sliced from 6.25 BTC, worth $417,279, to 3.125 BTC, worth $208,638, at the time of writing.

Related: Is the Bitcoin halving the right time to invest in BTC?

Is a Bitcoin price correction due?

After the previous all-time high in miner revenue, Bitcoin price retraced over 22% in the following 11 days, to a resistance of $49,066 on April 25, down from $63,575 on April 14.

BTC/USDT 1-day Chart, Source: CoinMarketCap

Bitcoin price fell 0.54% in the 24 hours leading up to 9:53 am UTC, to change hands at $66,768. The world’s first cryptocurrency is up over 6.8% on the weekly chart.

While most analysts are optimistic about Bitcoin’s trajectory, Bitcoin prices could still see a retracement to below $44,000 during 2024, according to technical analysis from pseudonymous Bitcoin analyst Dave the Wave, who noted in a March 5 X post:

“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.”

BTC/USD chart. Source: Dave the Wave on X

Related: Bitcoin price hits $72K in South Korea as ‘Kimchi premium’ returns