Bitcoin Miner Revenue Reaches Its Second-Highest Day In History

Bitcoin prices fell more than 22% in April 2021, when daily miner revenue hit an all-time high of $77.3 million.

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

Daily Bitcoin BTC$66,769 miner revenue reached $75.9 million on March 6, according to an X post by Julio Moreno, head of research at CryptoQuant.

The revenue rise occurred on the same day that Bitcoin miner Hut 8 announced the imminent shutdown of its mining site in Drumheller, Alberta, Canada, due to power outages and rising energy expenses.

According to an announcement made on March 6, the facility mined 48 Bitcoin every year on average, accounting for around 1.4% of the firm’s assets and 11% of its hash rate.

The $75.9 million represents the second-best day, trailing only the record $77.3 million daily income generated on April 14, 2021, when Bitcoin was selling above $60,000.

Some of the largest Bitcoin mining stocks fell more than 27% in the three days leading up to March 1, when Bitcoin surpassed $64,000.

According to Blockware Solutions’ chief analyst Mitchell Askew, the “most logical” argument is that investors are wary about putting money into Bitcoin miners ahead of the much-anticipated halving.

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

Is a Bitcoin price correction coming?
Following the previous all-time high in miner revenue, the Bitcoin price retraced nearly 22% in the next 11 days, reaching a resistance of $49,066 on April 25, down from $63,575 on April 14.

Bitcoin lost 0.54% in the 24 hours leading up to 9:53 a.m. UTC, changing hands at $66,768. The world’s first cryptocurrency is up more than 6.8% on the weekly chart.

While most analysts are bullish about Bitcoin’s direction, pseudonymous Bitcoin analyst Dave the Wave predicted in a March 5 X post that Bitcoin values might fall to below $44,000 by 2024.

“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.”

BTC/USD chart. Source: Dave the ave on X