Bitcoin Mining Revenue Hits Yearly Highs of Over $42.3M
On November 9, Bitcoin mining revenue reached a new yearly peak, totaling $42,386,514.038, surpassing the previous high of $41,744,197.067 in May 2023, as per data from Blockchain.com. This surge coincided with Bitcoin's price spiking to over $37,000 on the same day, driven by heightened expectations surrounding the potential approval of a U.S. spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC).
The upswing in mining revenue is attributed to the combined impact of Bitcoin's price increase and heightened network activity. Lane Kasselman, President of Blockchain.com, pointed out that increased network congestion results in higher transaction fees, contributing to miners' earnings. While network congestion in May was influenced by demand for Ordinals—a concept akin to NFTs—the current surge is primarily linked to the escalating price of Bitcoin.
The anticipation of U.S. spot Bitcoin ETF approval has played a pivotal role in the recent price rally. The SEC, known for historically rejecting Bitcoin ETF applications, is facing a unique situation with the expiration of deadlines for rebuttal comments on multiple pending ETF applications, potentially leading to the simultaneous approval of 12 Bitcoin ETFs.
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