Bitcoin miners have seen a significant increase in revenue from transaction fees as the price of the leading cryptocurrency surpassed $45,000, marking a 20% rise since the beginning of December 2023. Recent data highlights that miners have made substantial gains in just 30 days.
According to crypto analyst Will Clemente, Bitcoin miners have topped the charts in revenue from transactions in the last 24 hours, 7 days, and 30 days across Blockchain networks. The data from the past month shows that transaction fee earnings for Bitcoin miners have exceeded $4 million, signaling a positive trend for both the miners and the security of the Bitcoin network.
In the United States, as the approval for the first spot Bitcoin ETF draws near, Bitcoin mining activity has significantly increased, particularly in the last 8 days. This uptrend in mining is expected to continue until the Bitcoin block reward halving in April 2024.
Bitcoin investor Mike Alfred recently tweeted about a notable increase in the number of Bitcoin miners over an 8-day period. Contrary to popular belief, Alfred emphasized that Wall Street lacks comprehensive knowledge, especially in valuing Bitcoin’s potential to reach $60,000 or even $100,000. He suggested that the recent uptick in miner activity is just the beginning of further growth in the sector.
Leading U.S. Bitcoin mining company CleanSpark is preparing to launch an in-house trading desk next year to increase its profits from cryptocurrencies. This move aims to leverage the company’s substantial BTC assets for more efficient financial management.
CleanSpark CEO Zachary Bradford highlighted the strategic advantage of managing trade activities internally, given the company’s large BTC holdings. This approach aligns with a broader trend among Bitcoin miners who are increasingly exploring options like crypto derivatives and options to generate income from their crypto reserves. Similarly, another miner, Marathon Digital, is utilizing Bitcoin call option contracts to earn additional revenue, offering buyers the right to purchase Bitcoin at a predetermined price within a specific timeframe.