Bitcoin

April

when

Daily

In a spectacular showcase of profitability, <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> witnessed their second-highest daily revenue ever recorded, pulling in an impressive $75.9 million on March 6th, 2024. This remarkable achievement arrived just a day following Bitcoin's surge past its all-time high, underlining the significant rewards miners can reap amidst favorable market conditions, according to <a href="https://cryptopotato.com/bitcoin-miners-earned-75-9-million-in-daily-revenue-second-highest-in-history/">Cryptopotato</a>. 
According to Julio Moreno, head of research at CryptoQuant, this milestone was narrowly outpaced only by April 14, 2021, when miners earned a record $77.3 million in a single day, amidst a more than 20% market correction. Interestingly, the recent revenue spike comes as Bitcoin recently soared beyond $69,000, later experiencing a notable retracement. 
Despite <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> adjustment to around $67,000, inflows into <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/">US</a>-listed spot Bitcoin exchange-traded funds (ETFs) have continued robustly. This suggests that ETF investors remain confident, seizing the opportunity to invest amid the price dip. Moreover, Bitcoin's network <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a> remains near its peak of 650 Eh/<a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">sec</a>, while mining difficulty saw a slight decrease of 3% this month, positioning the current difficulty level at 79.35 T. 
Bitcoin mining <a href="https://ultramining.com/news/en/crypto-mining-stocks-outshine-bitcoins-performance-in-2023/">stocks</a> have recently diverged from spot BTC prices, a phenomenon Blockware Solutions attributes to investor caution ahead of the 2024 <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> event. Historical patterns suggest that such disparities could present lucrative opportunities for acquiring mining stocks at a discount, considering their significant appreciation over the past 15 months. 
This surge in mining revenue and the strategic positioning of investors ahead of the halving underscore the dynamic nature of the cryptocurrency market. As Bitcoin continues its journey through various cycles, the mining sector remains a critical component of the ecosystem, navigating through challenges and capitalizing on opportunities presented by market fluctuations.

Bitcoin Miners Experience Near-Record Daily Revenue in Market Surge

Ultramining_Eng

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