BTC Miner Earnings Increase! Is This A Sign The Crypto Market Is Ready To Skyrocket?
Bitcoin (BTC), the largest cryptocurrency managed to regain the much-anticipated $30k price level in the second week of April. The recent surge in BTC prices came as a relief for Bitcoin mining firms as their 30-day average mining yield produced the highest return since June 2022.Based on the report, the 30-day average mining revenue of $27.34 million per day reached the highest level since June 2022.Blockchain.com data illustrates that on June 1, 2022, Bitcoin was traded around an average of $31K, while miner revenue amounted to around $27 million. However, On April 17, 2023, miner revenue was recorded at around $29.78 million while Bitcoin price closed trading at $30.3K.BTC miners had a tough time as their earnings declined between $15 million to $21 million in the 3rd and 4th quarter of 2022. However, it was still far from the peak of $70.63 million in revenue recorded on May 2, 2021.The price of Bitcoin has surged by 79% year to date. This has marked a major recovery from the lowest level registered in 2022. BTC traded at an average price of $30,282.02 at the time of report. Its 24-hour trading volume increased by 12% to around $17 billion.Another report also informed that irma Bitcoin Mining Service, Luxor analyst Jaran Mellerud stated that many public miners are on the verge of bankruptcy. However, the recent surge in prices has allowed these miners to increase their cash flow. Is this a sign that the crypto market will skyrocket?
Bitcoin (BTC), the largest cryptocurrency managed to regain the much-anticipated $30k price level in the second week of April. The recent surge in BTC prices came as a relief for Bitcoin mining firms as their 30-day average mining yield produced the highest return since June 2022.
Based on the report, the 30-day average mining revenue of $27.34 million per day reached the highest level since June 2022.
Blockchain.com data illustrates that on June 1, 2022, Bitcoin was traded around an average of $31K, while miner revenue amounted to around $27 million. However, On April 17, 2023, miner revenue was recorded at around $29.78 million while Bitcoin price closed trading at $30.3K.
BTC miners had a tough time as their earnings declined between $15 million to $21 million in the 3rd and 4th quarter of 2022. However, it was still far from the peak of $70.63 million in revenue recorded on May 2, 2021.
The price of Bitcoin has surged by 79% year to date. This has marked a major recovery from the lowest level registered in 2022. BTC traded at an average price of $30,282.02 at the time of report. Its 24-hour trading volume increased by 12% to around $17 billion.
Another report also informed that irma Bitcoin Mining Service, Luxor analyst Jaran Mellerud stated that many public miners are on the verge of bankruptcy. However, the recent surge in prices has allowed these miners to increase their cash flow. Is this a sign that the crypto market will skyrocket?
