Bitcoin Miners Earned $75.9 Million In Daily Revenue, Second-Highest To Date; Still Struggles After BTC ETF Approval

Bitcoin (BTC) miners have recently generated an impressive $75.9 million in revenue on Wednesday, March 6 marking it as its second-highest revenue in Bitcoin mining history.

After reaching highs in mining revenue prior, Bitcoin (BTC) went through a massive decline of more than 23% in the next 11 days. Analysts are now considering whether a similar decline will happen due to the recent increase in miner revenue. Despite the speculations, the price of Bitcoin (BTC) remains quite stable.

Bitcoin Miners Are Still Struggling

The upcoming Bitcoin halving event is set to decrease the supply of new Bitcoins, adding more complexity to price trends in the upcoming months. Analysts believe that with the dropping supply and stable or growing demand, Bitcoin’s (BTC) price will continue to increase possibly reaching another significant milestone in the future.

However, Bitcoin miners have struggled to keep their enthusiasm over the spot Bitcoin ETF into tangible gains for their operations. Even though Bitcoin’s (BTC) price continues to surge, publicly traded mining firms have been witnessing mixed performances in their stock prices. 

Bitcoin mining companies such as Iris Energy (IREN) and Riot Platforms (RIOT) have witnessed declines, while Bitfarms (BITF) and Marathon Digital (MARA) have experienced modest gains. This difference only shows the complex relationship between Bitcoin’s (BTC) price movement and the performance of Bitcoin mining companies in the stock market. 

As of this writing, Bitcoin’s (BTC) price is down by 0.69%, trading at $67,088.28. BTC’s 24-hour trading volume also went down by 46.28% to $55.2 billion while its total market cap went down by 0.61% to $1.31 trillion.