On November 12, daily revenue of bitcoin miners stood at around $44 million — a record for 2023. Data from Blockchain.com show.
The sum includes block rewards (6.25 BTC) and network fees.
From April 2022 through October 2023, the cryptocurrency mining sector saw revenues slide amid a bear market. By November, however, the metric rose in tandem with Bitcoin’s rise, which also reached annual highs.
Meanwhile, mining difficulty continues to hit an ATH, following the latest recalculation reaching 64.68 T.
Evidence of a recovery in the industry is also seen in the earnings reports of digital-asset miners. American Marathon Digital Holdings reported net income of $64.1 million in the third quarter. By comparison, for the same period last year the company posted a $72.5 million loss.
Riot Platforms also reported quarterly revenue of $51.9 million, up from $46.3 million a year earlier.
Mining firms continue to actively prepare for the upcoming halving in the network of the leading cryptocurrency. According to the tracker, the reward reduction (to 3.125 BTC) is expected to occur around 14 April 2024, when the block height reaches 840,000.
In a forecast that Bitcoin could reach $150,000 by the summer of 2025, Edelman cited the upcoming halving as one of the factors.
In October, Binance chief Changpeng Zhao ruled out a blowout rise in digital gold immediately after the halving. He believes the asset will reach a new all-time high roughly a year after the event.