Cryptocurrency News

Bitcoin miners earned $44M in a day to record annual all-time high

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The Bitcoin (BTC) mining community recorded its annual all-time high (ATH) on Nov. 12 after raking in over $44 million in block rewards and transaction fees. 

The revenue from Bitcoin mining primarily comes from rewards for confirming Bitcoin transactions and creating new blocks using high-tech computer equipment known as mining rigs. Miners currently receive 6.25 BTC for every successful block creation in addition to the transaction fees. 

On Nov. 12, the daily Bitcoin mining rewards crossed $44 million for the first time in 2023, a number last seen in April 2022, according to data from blockchain.com. 

Bitcoin mining revenue annual chart. Source: blockchain.com

In between the timeline of April 2022 and November 2023, several factors contributed to the dip in the revenue of Bitcoin miners globally. They include a prolonged bear market, negative investor sentiment around scams and ecosystem collapses and unfriendly regulations that prevent investors from transacting Bitcoin freely.

However, 2023 saw an overall trend reversal as crypto entrepreneurs took charge of the situation and helped regain investor confidence. As a result of rising market prices coupled with growing interest among the masses, the mining community witnessed a year-long increase in revenue.

Bitcoin mining firm Marathon Digital Holdings reported a revenue surge of 670% year-on-year in the third quarter of 2023 amid a nearly five-fold increase in Bitcoin production.

Related: Bitcoin miners double down on efficiency and renewable energy at the World Digital Mining Summit

Alongside Bitcoin mining companies and individual miners, numerous countries actively participate in securing the Bitcoin network via mining.

Recently, Cointelegraph reported that the landlocked Asian country of Bhutan has been actively mining Bitcoin with hydropower since BTC price was $5,000 in April 2019.

The kingdom has reportedly explored partnerships to expand its mining operations further. Notably, it is negotiating with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer’s mining capacity by about 12%.

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