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Recently, there has been negative news flow regarding Bitcoin mining companies. However, according to the data announced today, the Bitcoin mining community has generated over $44 million in revenue from block rewards and transaction fees, reaching the highest level of the year on November 12.
Notable Development in Bitcoin Mining
The revenue from Bitcoin mining initially comes from validating transactions and creating new blocks using high-tech computer equipment in the Bitcoin ecosystem. Miners currently earn 6.25 Bitcoin for each successful block creation, in addition to transaction fees.
According to the data of Blockchain.com, the value of daily Bitcoin mining rewards exceeded $44 million for the first time in 2023 on November 12. This figure was last seen in April 2022.
Various factors have contributed to the decline in global Bitcoin miners’ revenues between April 2022 and November 2023. These include a prolonged bear market, scams and ecosystem collapses causing fear and concerns among investors, and unfriendly regulatory measures taken by many governments, hindering the free adoption of Bitcoin.
However, with the crypto industry taking responsibility for its state in 2023 and helping to regain investor confidence, the overall trend has started to reverse. As a result of the rising market value and increasing interest among investors, the mining community has witnessed a year-long increase in revenue.
Growing Interest Day by Day
Marathon Digital Holdings, a Bitcoin mining firm, announced a revenue increase of 670% compared to the previous year in the third quarter of 2023, thanks to the approximately five-fold increase in Bitcoin production. In addition to mining companies and individual miners, numerous government entities have actively started participating in securing the Bitcoin network in the mining sector.
One of the best examples of this is the Asian country of Bhutan, which has been actively conducting hydroelectric Bitcoin mining since the price of Bitcoin was $5,000 in April 2019. It is known that the kingdom aims to establish partnerships to further expand its mining activities.
Bhutan is in talks with Bitdeer, a mining company listed on Nasdaq, to provide 100 megawatts of power for a Bitcoin mining data center. This partnership is expected to increase Bitdeer’s mining capacity by approximately 12%.
