Bitcoin miner revenue records second-best day in history

Bitcoin prices retraced over 22% in April 2021 when daily miner revenue reached its all-time high of $77.3 million.

Bitcoin miner revenue recorded its second-best day in history on March 6, a day after the Bitcoin price hit a new all-time high above $69,200.

Daily Bitcoin (BTC) miner revenue reached $75.9 million on March 6, according to an X post by Julio Moreno, head of research at CryptoQuant.

The revenue surge came the same day as Bitcoin miner Hut 8 announced the closure of its mining site in Drumheller, Alberta, Canada, with immediate effect due to power disruptions and surging energy costs.

The facility mined 48 Bitcoin per year on average, representing approximately 1.4% of the firm’s holdings, comprising 11% of its hash rate, according to a March 6 announcement.

The $75.9 million represents the second-best day after the record $77.3 million daily revenue generated on April 14, 2021, when Bitcoin was trading above the $60,000 mark.

Some of the largest Bitcoin mining stocks dipped over 27% in the three days leading up to March 1 as Bitcoin reached the $64,000 mark.

According to Blockware Solutions’ head analyst Mitchell Askew, the “most logical” explanation is investors being weary of deploying capital into Bitcoin miners ahead of the much-awaited halving.

The halving event will see Bitcoin miner rewards sliced from 6.25 BTC, worth $417,279, to 3.125 BTC, worth $208,638, at the time of writing.

Related: Is the Bitcoin halving the right time to invest in BTC?

Is a Bitcoin price correction due?

After the previous all-time high in miner revenue, the Bitcoin price retraced over 22% in the following 11 days, to a resistance of $49,066 on April 25, down from $63,575 on April 14.

Bitcoin price fell 0.54% in the 24 hours leading up to 9:53 am UTC to change hands at $66,768. The world’s first cryptocurrency is up over 6.8% on the weekly chart.

While most analysts are optimistic about Bitcoin’s trajectory, Bitcoin prices could still see a retracement to below $44,000 during 2024, according to technical analysis from pseudonymous Bitcoin analyst Dave the wave, who stated in a March 5 X post:

“Though I’m comfortable with an indeterminate future, and where we’re currently at technically and potentially a pivotal point with resistance at previous ATHs, the default option has to be to stick with the continued parabolic move until at least the bold dotted line is broken.”

Related: Bitcoin price hits $72K in South Korea as ‘Kimchi premium’ returns