Daily Bitcoin mining revenue reaches new records as the price of the token continues to rise. On March 7, miners earned an impressive $78.6 million.
Bitcoin mining revenues reached an all-time high last week, as the price of the cryptocurrency continued to rise.
Daily miner income on March 7 exceeded the record high set in April 2021 during the previous uptrend of the cryptocurrency market. Bitcoin miners make money by creating new coins and processing transactions on the blockchain network, and also receive fees from users.
The increase in miners’ income comes amid a 70% increase in the value of Bitcoin this year. The token price reached a record high of almost $72,881 on Monday and continues to remain close to this value.
After a long decline linked to a series of cryptocurrency scandals and bankruptcies in 2022, the price of bitcoin began to rise last year, receiving a further boost from significant inflows into US bitcoin funds that debuted on January 11.
The upcoming halving of miner rewards in April has also become a factor stimulating investment in rising prices.
For miners, this is a period of change, a way out of the crypto crisis, which led to the bankruptcy of some industry participants. The Valkyrie Bitcoin Miners ETF, which includes companies such as CleanSpark Inc and Marathon Digital Holdings Inc, has more than doubled in value over the past year.
