Bitcoin Miners Set Annual All-Time High with Daily Earnings of $44 Million

The Bitcoin mining sector achieved its highest annual earnings on November 12, surpassing $44 million in combined block rewards and transaction fees.

Bitcoin mining revenue is predominantly derived from rewards for validating transactions and generating new blocks through sophisticated mining rigs. 

Miners are presently rewarded with 6.25 BTC for each successful block creation, along with transaction fees. 

On November 12, daily Bitcoin mining rewards surpassed $44 million for the first time in 2023, marking a figure not seen since April 2022, as per data from blockchain.com.

Between April 2022 and November 2023, several factors contributed to the decline in global Bitcoin miners’ revenue. These factors included a prolonged bear market, negative investor sentiment due to scams and ecosystem collapses, and restrictive regulations hindering Bitcoin transactions.

However, 2023 marked a reversal in this trend as crypto entrepreneurs took proactive measures, restoring investor confidence. The combination of increasing market prices and growing public interest led to a year-long uptick in mining community revenue.

In addition to Bitcoin mining companies and individual miners, numerous countries actively participate in securing the Bitcoin network through mining. 

A recent report highlighted Bhutan, a landlocked Asian country, actively engaging in Bitcoin mining using hydropower since April 2019 when BTC was priced at $5,000. 

The country is exploring partnerships, including negotiations with Nasdaq-listed mining company Bitdeer, to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This collaboration aims to increase Bitdeer’s mining capacity by approximately 12%.