Bitcoin

April

when

Bitcoin miner revenue recorded its second-best day in history on March 6, a day after the Bitcoin&nbsp;price <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">hit a new all-time high</a><a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k"></a> above $69,200.
Daily Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;miner revenue reached $75.9 million on March 6, according to an X post by Julio Moreno, head of research at CryptoQuant.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/29567e1a-6e68-4b47-bb21-9537596226c7.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin Miner Daily Revenue. Source: <a href="https://twitter.com/jjcmoreno/status/1765585017663635807/photo/1" target="_blank" rel="noopener nofollow">Julio Moreno on X</a><a href="https://twitter.com/jjcmoreno/status/1765585017663635807/photo/1" target="_blank" rel="noopener nofollow"></a>
 </figcaption>
</figure>
The revenue surge came the same day as <a href="https://cointelegraph.com/news/hut-8-closes-bitcoin-mining-site-citing-surging-energy-costs"></a><a href="https://cointelegraph.com/news/hut-8-closes-bitcoin-mining-site-citing-surging-energy-costs">Bitcoin miner Hut 8 announced the closure</a> of its mining site in Drumheller, Alberta, Canada, with immediate effect due to power disruptions and surging energy costs. 
The facility mined 48 Bitcoin per year on average, representing approximately 1.4% of the firm’s holdings, comprising 11% of its hash rate, <a href="https://www.globenewswire.com/news-release/2024/03/06/2841217/0/en/Hut-8-Streamlines-Operations-with-Closure-of-Drumheller-Site.html" target="_blank" rel="noopener nofollow">according</a> to a March 6 announcement.
The $75.9 million represents the second-best day after the record $77.3 million daily revenue generated on April 14, 2021, when Bitcoin was trading above the $60,000 mark.
Some of the largest <a href="https://cointelegraph.com/news/bitcoin-mining-stocks-dip-27-percent-despite-bitcoin-rally">Bitcoin mining stocks dipped over 27%</a> in the three days leading up to March 1 as Bitcoin reached the $64,000 mark.
According to Blockware Solutions’ head analyst Mitchell Askew, the “most logical” explanation is investors being weary of deploying capital into Bitcoin miners ahead of the much-awaited halving.
The halving event will see Bitcoin miner rewards sliced from 6.25 BTC, worth $417,279, to 3.125 BTC, worth $208,638, at the time of writing.
Related: <a href="https://cointelegraph.com/news/is-the-bitcoin-halving-the-right-time-to-invest-in-btc">Is the Bitcoin halving the right time to invest in BTC?</a>
<h2 data-ct-non-breakable="true" id="is-a-bitcoin-price-correction-due">Is a Bitcoin price correction due?</h2>
After the previous all-time high in miner revenue, the Bitcoin price retraced over 22% in the following 11 days, to a resistance of $49,066 on April 25, down from $63,575 on April 14.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/4f44f33e-4321-4f46-a9db-89c1c77f02cd.png" alt="" title="">
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 BTC/USDT 1-day chart, Source: CoinMarketCap
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Bitcoin price fell 0.54% in the 24 hours leading up to 9:53 am UTC to change hands at $66,768. The world’s first cryptocurrency is up over 6.8% on the weekly chart.
While most analysts are optimistic about Bitcoin’s trajectory, Bitcoin prices could still see a retracement to below $44,000 during 2024, according to technical analysis from pseudonymous Bitcoin analyst Dave the wave, who stated in a March 5 X post:
<blockquote data-ct-non-breakable="true">
 “Though I’m comfortable with an indeterminate future, and where we’re currently at technically and potentially a pivotal point with resistance at previous ATHs, the default option has to be to stick with the continued parabolic move until at least the bold dotted line is broken.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/bf6f0f8b-0d7d-41a3-9433-49824960e60d.jpeg" alt="" title="">
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 BTC/USD chart. Source: <a href="https://twitter.com/davthewave/status/1764911136464630046/photo/1" target="_blank" rel="noopener nofollow">Dave the ave on X</a>
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Related: <a href="https://cointelegraph.com/news/bitcoin-price-south-korea-72k-kimchi-premium-returns">Bitcoin price hits $72K in South Korea as ‘Kimchi premium’ returns</a>

Bitcoin miner revenue records second-best day in history

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Cointelegraph

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