Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that bitcoin miners’ revenue stood at an average of $57 million daily over the last 30 days between March 27 and April 26.
The highest amount was recorded on April 15 at $81,172 in the wake of the asset attaining a record price level. The least daily revenue was on April 17 at $45,028. On March 27, the revenue was $58,772, while on April 26, the figure stood at $47,398.
Elsewhere, compared to the 2017 bull run, the last 30 days cumulative bitcoin miners revenue of $1.7 billion was higher by 40.21%. During the December 2017 rally, the miners’ revenue that month totaled $1.23 billion.
Bitcoin mining revenue usually depends on the asset’s price, which has surged by about 90% in 2021. Notably, on April 14, the asset attained an all-time high of almost $65,000, and miners earned the highest revenue the following day.
Bitcoin mining environmental concern
With bitcoin mining returning high revenues, the report highlights some of the concerns around the activity. According to the research report:
“On the flipside, amid surging revenues for miners, bitcoin continues to be the center of attention from environmentalists questioning the asset’s sustainability. Mining is known to consume more electricity, destabilizing the environment. However, mining equipment manufacturers focus on machines that consume less energy, while bitcoin backers believe in the future, there will be a more proactive shift towards renewable sources of energy.”
However, as mining revenue surges, more miners are motivated to bring more machines online to reap from the growth.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Bitcoin Surpasses $42,000 Mark, Ethereum Follows Suit, Triggering Crypto Rally
Bitcoin Breaks $40,000 Price Levels Amidst Optimism and Regulatory Developments
Bitcoin on Monday broke $40,000 resistance levels following a 2.9% surge in price to $40,867 per coin.
The world’s largest digital currency has now appreciated by 146% in 2023 as more institutional investors continue to increase their investments in the unregulated cryptocurrency space.
Investors are exhibiting growing confidence in the Federal Reserve’s apparent conclusion of rate hikes amid a cooling inflation backdrop.
This shift in sentiment has redirected attention to the anticipated extent of rate cuts in the coming year, prompting a rally across global markets.
The cryptocurrency industry is currently in anticipation as regulatory decisions, particularly regarding applications for the first US spot Bitcoin exchange-traded funds (ETFs), hang in the balance.
Bloomberg Intelligence anticipates the approval of a batch of these ETFs by the Securities & Exchange Commission (SEC) by January.
“Bitcoin continues to be supported by optimism around SEC approval for an ETF and Fed rate cuts in 2024,” noted Tony Sycamore, a market analyst at IG Australia Pty.
Technical analysis points to $42,330 as the next significant level to monitor in Bitcoin’s upward trajectory.
Despite recent crackdowns in the industry, including legal actions against figures like Sam Bankman-Fried and Binance, Bitcoin has proven resilient.
Optimists argue that these regulatory measures, alongside the potential approval of ETFs, signify the maturation of the crypto industry and the prospect of a broader investor base.
According to Su Yen Chia, co-founder of the Asia Crypto Alliance, recent enforcement actions “have instilled confidence among investors,” noting that Bitcoin is aligning with momentum in traditional finance as expectations of Fed rate hikes fade.
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