The Bitcoin (BTC) mining community hit an annual all-time high (ATH) on November 12 after receiving over $44 million in block rewards and transaction fees.
Bitcoin mining revenue comes primarily from rewards for confirming Bitcoin transactions and creating new blocks using high-tech computer equipment called mining rigs. Currently, in addition to transaction fees, miners receive 6.25 BTC for each successfully created block.
According to statistics, on November 12, the daily Bitcoin mining reward exceeded $44 million for the first time in 2023. The last time this number occurred was in April 2022. data From blockchain.com.
Between April 2022 and November 2023, multiple factors led to a decline in the revenue of global Bitcoin miners. These include a prolonged bear market, negative investor sentiment over scams and ecosystem collapse, and unfriendly regulations that prevent investors from freely trading Bitcoin.
However, in 2023, the overall trend reversed as crypto entrepreneurs took charge and helped investors regain confidence. Revenues from the mining industry have grown for a consecutive year, driven by rising market prices and growing public interest.
Marathon’s third quarter financial results are released as follows:
– Revenue of $97.8 million due to 467% growth #bitcoin production and higher Bitcoin prices.
– Adjusted EBITDA increased to $43.7 million.
– 8% increase in hash rate; expansion of Paraguay’s hydroelectric company.
– Long-term debt reduced by 56%,…— Marathon Digital Holdings, Inc. (NASDAQ: MARA) (@MarathonDH) November 8, 2023
Bitcoin mining company Marathon Digital Holdings reported a 670% annual revenue increase in the third quarter of 2023 as Bitcoin production increased nearly fivefold.
related: Bitcoin miners double down on efficiency, renewable energy at World Digital Mining Summit
In addition to Bitcoin mining companies and individual miners, many countries are also actively involved in protecting the Bitcoin network through mining.
Recently, Cointelegraph reported that the landlocked Asian country of Bhutan has been actively using hydroelectric power to mine Bitcoin since the price of BTC reached $5,000 in April 2019.
The country has reportedly explored partnerships to further expand its mining operations. Notably, it is in talks with Nasdaq-listed mining company Bitdeer to acquire 100 megawatts of power for a Bitcoin mining data center in Bhutan. The partnership will increase Bitdeer’s mining capacity by approximately 12%.
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