Bitcoin Miners See Record-Breaking Daily Revenue; Bitdeer Positions for Growth
Yesterday (Thursday, 7 March) saw the highest daily Bitcoin mining revenue of $78.5 million, up from $61.91 million the day before, and up from $18.93 million one year ago. This is a change of 26.80% from yesterday and 314.7% from one year ago, according to blockchain.com data.
The previous daily Bitcoin mining revenue record was set on April 14, 2021, when miners accumulated $77.3 million in a single day. Miners came close earlier this week, when they brought in $75.9 million on Tuesday, 5 May.
The latest surge comes on the back of BTC prices hovering near its all-time highs of $69,000, amid continued inflows into spot Bitcoin ETFs.
Earlier this week, when BTC briefly crossed the $69K mark, on-chain data from CryptoQuant showed that 1,000 BTC worth roughly $69 million were moved to Coinbase by addresses that are more than a decade old just ahead of Bitcoin reaching its apex. These addresses are linked to miners, who essentially are selling their Bitcoins at nearly 100% profit, minus electricity fees.
The rise in Bitcoin prices – 47% within 30 days – has significantly increased mining revenues in February. Last month, Bitcoin miners discovered a total of 4,446 blocks, which brought earnings of $1.39 billion, with $71 million of this sum coming from onchain transaction fees, according to Bitcoin.com.
Leading the way was Foundry USA, which mined 1,334 blocks, accounting for 30.06% of the total, while Antpool secured 1,152 blocks, representing 25.96%. The network’s hash price, or the value of one petahash per second (PH/s) of hashing power per day, currently stands at $111. The network’s hashrate operates at 584 exahash per second (EH/s).
Bitdeer Positions for Growth
Meanwhile, blockchain and computing company Bitdeer announced the successful testing of its first Bitcoin mining chip, the 4nm SEAL01, which will be integrated into its new SEALMINER A1 mining machines.
The company said that in February, it mined 287 Bitcoin in total, an increase of 64% from the same period last year
“In February, we once again made solid strides on the operational and infrastructure fronts. We also saw an increase in our total hash rate and mining machines under management as we successfully added a new hosting customer. On a sequential basis, our production declined due to February’s shorter duration, the increase in total network hash rate, and lower average transaction fees,” Bitdeer said in a February operations update on Thursday.
The company is currently pursuing infrastructure diversification and expansion initiatives, which includes the construction of a 221MW datacenter in Ohio, United States and a the 175MW immersion cooling datacenter at its Tydal mining facility in Norway, scheduled for completion in 2025.