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Bitcoin onchain transactions surge as Halving approaches and miners profit

In the past week, Bitcoin has finally surpassed its previous all-time high, reaching $70,000 USD before a slight pullback. This price increase has led to a significant surge in transaction volume on the network, with miners taking advantage of the increased activity.

According to data from The Block, the 7-day average of transaction volume on the Bitcoin network has reached its highest level since September 2022, 18 months ago.

The increase in transaction volume has resulted in a corresponding increase in Bitcoin miners' revenue, with the 7-day average miner revenue currently at $65.4 million USD, just slightly below the all-time high of $67.2 million USD achieved in May 2021.

While the price increase is attributed to the success of Spot BTC ETF funds in the US, another upcoming event to watch for is Bitcoin's Halving, the time when miner rewards are halved.

Traditionally, Halving is expected to take place in about 40 days, around April 19, and is considered a positive event for Bitcoin prices.

Last month, Bitcoin also reached its highest mining difficulty level to date, meaning that over the past 12 months, the computational cost to mine a Bitcoin block has more than doubled. However, after Halving, the difficulty could decrease as less efficient miners leave the network.

According to Bloomberg's report, citing public filings, the recovery in Bitcoin prices has prompted mining companies to spend over $1 billion on new equipment since February 2023.

🎯 For Bitcoin mining, the challenge is not only acquiring machinery but also finding cheap and reliable electricity sources to compete with other mining service providers. While Texas has been a popular destination for Bitcoin miners in recent years, other places, especially Chinese companies, are investing in locations like Ethiopia.