Bitcoin miner revenues hit record highs due to soaring prices

As the value of the world's largest cryptocurrency continues to rise, Bitcoin's mining revenue hit an all-time high over the weekend.
Block data shows that on March 9, the 7-day moving average of mining machine revenue reached $68.28 million, surpassing the all-time high of $67.15 million set in May 2021. On Sunday, revenue rose to $68.35 million.
Bitcoin Bitcoin +0.65% $71,655.69 reached a record high of $72,711 on Monday. Block's price page data shows that the trading price has since rebounded to around $72,000, but the price is still up 5% in the last 24 hours of Asian trading on Tuesday afternoon.
Earlier this year, Bitcoin's price surged by more than 230% from a year ago following the approval of spot Bitcoin ETFs in the United States. Last week, the Bitcoin network also hit an 18-month high in trading volume.
According to data from TheMinerMag, miners have been scrambling to profit from the recent bull run since February last year, with 13 major bitcoin mining companies ordering more than $1 billion worth of mining rigs since February of last year.
Meanwhile, Bitcoin is awaiting the next halving event in April, which is expected to reduce miner rewards from 6.25 BTC to 3.125 BTC per block, significantly reducing supply growth.
(Redirected from The Block)