Bitcoin miner revenue experienced its second-highest recorded day on March 6, following Bitcoin‘s surge to a new all-time high above $69,200.
According to a post by Julio Moreno, head of research at CryptoQuant, daily Bitcoin miner revenue reached $75.9 million on March 6.
Coinciding with the revenue surge, Bitcoin miner Hut 8 announced the immediate closure of its mining site in Drumheller, Alberta, Canada, citing power disruptions and escalating energy costs.
The Drumheller facility contributed an average of 48 Bitcoin per year to Hut 8’s holdings, representing approximately 1.4% of the firm’s assets and 11% of its hash rate, as stated in a March 6 announcement.
The $75.9 million revenue marks the second-highest day after the record $77.3 million recorded on April 14, 2021, when Bitcoin surpassed $60,000.
Some of the largest Bitcoin mining stocks experienced a significant drop of over 27% in the three days leading up to March 1, coinciding with Bitcoin’s rise to $64,000.
Analysts, including Blockware Solutions’ head analyst Mitchell Askew, attribute the decline to investor caution ahead of the upcoming halving event, which will reduce Bitcoin miner rewards from 6.25 BTC to 3.125 BTC.
After the previous peak in miner revenue, Bitcoin’s price retraced over 22% in the following 11 days, settling at around $49,066 on April 25 from $63,575 on April 14.
As of the latest update, Bitcoin’s price slightly decreased by 0.54% within 24 hours, trading at $66,768, yet showing a 6.8% increase on the weekly chart.
While most analysts remain optimistic about Bitcoin’s future, technical analysis suggests the possibility of a retracement below $44,000, as outlined by pseudonymous Bitcoin analyst Dave the wave in a March 5 post.
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