Bitcoin Miners Generated $44 Million in a Single Day

As we get to the end of 2023, this year saw an overall trend reversal in the crypto market. The crypto entrepreneurs took over the situation and managed to get back the investors’ trust and confidence. At the moment, Bitcoin’s value is around $36.905, which is one of its biggest prices this year.

A few days ago, the price reached its peak of the year by hitting a value of $37,844. However, this isn’t the only positive news about Bitcoin, as there is one major event that changed the investors’ perception.

The New Annual All-Time High Record for a Single Day

On the 12^th of November, the Bitcoin mining community broke its annual all-time high record. These miners generated over $44 million in transaction fees and block rewards.

It is worth noting that the revenue from Bitcoin mining primarily comes from two main activities. One of them appears from the rewards that come from confirming Bitcoin transactions. The other one concerns creating new blocks using mining rigs, a high-tech computer equipment.

At the moment, the Bitcoin miners claim 6.25 BTC for every successful block they create. This is of course in addition to the featured transaction fees. The $44 million Bitcoin earnings appeared for the first time in 2023. Numbers such as these were last noted in April 2022.

Between these two periods (April 2022 – November 2023), there were several factors that contributed to the lower Bitcoin revenues. Among them are the negative investor sentiment around scams and a prolonged bear market.

The unfriendly regulations that prevent investors from purchasing and selling Bitcoin  freely is another serious factor. But, things started to change in 2023, as we saw an overall trend reversal.

This is due to the crypto entrepreneurs who took charge of the situation and assisted the investors in regaining trust and confidence. The outcome was astonishing as it helped the Bitcoin (BTC) prices to rise.

But, that’s not all, as the Bitcoin value increased together with a growing interest among the potential investors. The mining community is also happy as it saw a year-long increase in revenue.

The Revenues the Companies Made From Bitcoin

Numerous Bitcoin mining firms were successful in the third quarter of 2023. One of them is the firm Marathon Digital Holdings, which saw an increase in revenue of 670%. This is a year-on-year revenue in the third quarter of 2023, during a nearly five-fold growth in Bitcoin production.

But, individual miners and Bitcoin mining firms, weren’t the only ones that took part in Bitcoin mining. Numerous countries were very active in securing the Bitcoin network through mining.

According to Cointelegraph, the Asian country Bhutan is actively mining Bitcoin with the use of hydropower. They have been doing it since April 2019, when the BTC price was just $5,000.

There are some reports about Bhutan exploring some partnership options to expand its Bitcoin mining operations even further. It is currently negotiating with Bitdeer (a Nasdaq-listed mining company) to secure 100 megawatts of power.

They plan on using it for a Bitcoin data centre in Bhutan. It is believed that this partnership will increase the company’s mining capacity by around 12%.