- Bitcoin miners earned an annual daily high of $44 million on November 12 from block and transaction rewards.
- Blockchain.com data shows bitcoin mining rewards which had previously dropped, have recently spiked.
- The rise comes following a Bitcoin upward surge that started last month.
The Bitcoin mining community is exhilarated as daily rewards for Bitcoin mining reached its highest level seen this year. This surge follows a rise in Bitcoin’s price increase that started last month.
Notably, data from blockchain.com shows mining rewards on November 12 peaked at over $44 million. According to the data, the recent feat surpasses the previous annual high reached in April and underlines a resurgence in Bitcoin mining rewards.
The uptick comes as Bitcoin also hit a new annual high of over $37k per token. It bears mentioning that Bitcoin miners receive 6.25 BTC for each successful block they create. However, that number is expected to be slashed in half by next year.
One of the factors that led to the Bitcoin bull rally was the increased speculation around a spot Bitcoin exchange-trusted fund approval. While the U.S. Securities and Exchange Commission had previously handled the approvals with tight caution, experts say the regulator has now softened in its approach.
Meanwhile, Bitcoin mining companies have equally been in remarkable form. Recently, Bitcoin mining firm Marathon Digital Holdings posted a revenue surge of 670% year-on-year in the third quarter of 2023. The company attributed the revenue boost to a 467% increase in Bitcoin production and higher BTC prices.
Elsewhere, Bitcoin started this week with its price below the $37K level at the time of press. The current price of $36,995 is a 0.25% drop in the past 24 hours, according to data from CoinMarketCap.
Conversely, Ethereum, the second-largest cryptocurrency network behind Bitcoin, has seen a marginal increase in the same period. As of writing, the token has a gain of 0.42% to sit at $2,058 per token.
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