Bitcoin miners experienced their second-highest revenue day in history on March 6, following the cryptocurrency’s new all-time high above $69,200. According to Julio Moreno, head of research at CryptoQuant, daily Bitcoin miner revenue reached $75.9 million on that day. This surge in revenue coincided with the announcement from Bitcoin miner Hut 8 that it would be closing its mining site in Drumheller, Alberta, Canada, due to power disruptions and rising energy costs. The facility had been mining an average of 48 Bitcoins per year, representing around 1.4% of the company’s holdings and 11% of its hash rate.
The $75.9 million in revenue is the second-highest daily figure, second only to the record $77.3 million generated on April 14, 2021, when Bitcoin was trading above $60,000. However, leading up to March 1, some of the largest Bitcoin mining stocks saw a decline of over 27%, as the price of Bitcoin reached $64,000. Mitchell Askew, head analyst at Blockware Solutions, attributed this decline to investors being cautious about investing in Bitcoin miners ahead of the highly anticipated halving event. This event will reduce Bitcoin miner rewards from 6.25 BTC to 3.125 BTC.
Following the previous all-time high in miner revenue, the price of Bitcoin retracted by over 22% in the following 11 days, reaching a resistance level of $49,066 on April 25. Currently, the price of Bitcoin fell by 0.54% in the 24 hours leading up to 9:53 am UTC, trading at $66,768. However, the cryptocurrency has seen a weekly increase of over 6.8%.
While many analysts remain optimistic about the future of Bitcoin, technical analysis from pseudonymous analyst Dave the wave suggests that the price could still experience a retracement to below $44,000 by 2024.