The leading cryptocurrency underwent the anticipated correction of around 3.5% and even went deeper. About 24 hours ago, we mentioned that many indicators were signaling an extreme for the BTC price. This meant a correction towards approximately $70,000. Today, it happened, and BTC fell to $68,620.
Bitcoin Miner Revenues
Bitcoin miners receive a reward of 6.25 BTC for each block they find. They also earn from transaction fees. On March 12, Bitcoin climbed to an all-time high of $73,000, with a 12-month increase reaching 250%.
Similarly, Bitcoin miner revenues saw a 212% increase, reaching a record level. On March 17, 2023, revenues rose from $25.23 million to about $78.89 million on March 11, a significant reward for miners who withstand tough bear markets.
Additionally, at the beginning of February, the hash rate reached an all-time high of 676 exahash. Today, the Bitcoin hash rate was around 642.9 exahash per second. The number of transactions on the network increased by 20%, reaching 974.7 million transactions, which is quite impressive compared to last year.
Halving and Miners
In about 35 days, the Bitcoin block reward halving will reduce miner rewards from 6.25 BTC to 3.125 BTC. According to a Bloomberg report, miners are converting their earnings into cash as preparation, strengthening their operations. Companies working to double their mining operations are striving to maintain their revenues at a certain level after the block reward halving.
More data from TheMinerMag indicates that 13 major Bitcoin mining firms ordered equipment worth over $1 billion last month. Bitfarm recently placed an order for equipment worth $143 million.
On-chain data from Glassnode confirms that Bitcoin miners have profited from the recent price rally of BTC. The sales shown in the graph below are quite normal for bull markets and something we’ve seen in previous cycles.
The total balance in miner wallets has fallen to the lowest level in the last three years at $1.8 million and is likely to continue decreasing.
