Bitcoin Miners Earned $44M in a Day to Reach Annual All-Time High

Raking in the Rewards

The Bitcoin mining community reached a major milestone on November 12th, earning over $44 million in block rewards and transaction fees in a single day. This marks the highest annual all-time high for Bitcoin miners, surpassing previous records.

How Bitcoin Mining Works

Bitcoin miners use specialized computer equipment called mining rigs to confirm Bitcoin transactions and create new blocks. For every successful block creation, miners currently receive 6.25 BTC, along with transaction fees.

A Return to Growth

Between April 2022 and November 2023, Bitcoin miners faced several challenges that resulted in a decline in revenue. These challenges included a bear market, negative investor sentiment, and unfriendly regulations. However, 2023 saw a reversal of this trend as crypto entrepreneurs stepped in to boost investor confidence.

Marathon Digital Holdings Leads the Way

One of the leading Bitcoin mining firms, Marathon Digital Holdings, reported a 670% year-on-year revenue surge in the third quarter of 2023. This was accompanied by a significant increase in Bitcoin production. Other Bitcoin mining companies and individual miners also contributed to the overall growth in revenue.

Global Participation in Bitcoin Mining

Bitcoin mining is not limited to specific countries or regions. In addition to companies and individual miners, various countries actively participate in securing the Bitcoin network through mining. For example, the landlocked Asian country of Bhutan has been mining Bitcoin with hydropower since April 2019 when the BTC price was $5,000.

Expanding Operations

Bhutan is now exploring partnerships to expand its mining operations further. One potential partnership is with Nasdaq-listed mining company Bitdeer, which would provide 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer's mining capacity by about 12%.