#1 Supplier
in Australia
by over 6000 clients
Book A Free Consultation

Bitcoin Miners Set Annual All-Time High of $44 Million

Bitcoin miners achieved its highest annual earnings on November 12, surpassing $44 million in combined block rewards and transaction fees.

Bitcoin miners mining bitcoin

The revenue from Bitcoin mining mainly comes from rewards for validating transactions and creating new blocks using advanced mining rigs.

Miners currently receive 6.25 BTC for each successfully created block, along with transaction fees.

On November 12, daily Bitcoin mining rewards surpassed $44 million, the highest in 2023, according to data from blockchain.com, reaching a level not seen since April 2022.

Bitcoin miner's revenue chart

From April 2022 to November 2023, various factors contributed to the decline in global Bitcoin miners’ revenue. This included a prolonged bear market, negative investor sentiment due to scams and ecosystem collapses, and restrictive regulations impacting Bitcoin transactions.

However, 2023 saw a reversal in this trend as crypto entrepreneurs took proactive steps, rebuilding investor confidence. Increasing market prices and growing public interest led to a year-long increase in mining community revenue.

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

A recent report highlighted Bhutan, a landlocked Asian country, actively involved in Bitcoin mining using hydropower since April 2019 when BTC was priced at $5,000.

The country is exploring partnerships, including negotiations with Nasdaq-listed mining company Bitdeer, to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This collaboration aims to increase Bitdeer’s mining capacity by approximately 12%.

About the author

Leave a Reply