The Crypto Roundup: 12 March 2024 | CryptoCompare.com

Bitcoin miners are experiencing a windfall, with earnings reaching all-time highs last week as the price of the leading cryptocurrency has risen to a new record above $72,000.

According to data from CryptoQuant, daily miner revenue peaked at $78.6 million on March 7, surpassing a previous record set in April 2021 during the last major cryptocurrency bull run.

Bitcoin miners earn revenue through blocks found, with each of these blocks including a set coinbase reward of 6.25 BTC that’s going to be halved next month, along with the transaction fees paid to include transactions in that block.

Bitcoin’s upcoming halving event is pre-programmed to occur every 210,000 blocks, or around every four years, and is part of the network’s monetary policy to reduce supply growth.

For miners, this surge represents a significant turnaround from the depths of the “crypto winter,” when several companies succumbed to bankruptcy over depressed BTC prices. The Valkyrie Bitcoin Miners ETF, which invests in cryptocurrency mining firms, has more than doubled in value over the past year, reflecting the renewed optimism in the sector.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/mar/12/