Investing.com | Editor Hari G
Printed Nov 13, 2023 02:51AM ET
NEW YORK – The Bitcoin mining trade has reached a brand new annual income peak, in line with information from Blockchain.com. On November 9, 2023, miners earned $42,386,514.038 in a single day as the worth of Bitcoin soared above $37,000. This surge is linked to the market’s anticipation of the U.S. Securities and Change Fee (SEC) probably approving a spot Bitcoin ETF, a transfer that traders have lengthy awaited.
Lane Kasselman, a notable determine within the cryptocurrency area, pointed to elevated community congestion and better transaction charges as key components contributing to this file income determine. This congestion typically happens when there’s heightened exercise on the Bitcoin community, resulting in extra competitors amongst customers to have their transactions processed, which in flip drives up the charges they’re keen to pay.
This new peak surpasses the earlier excessive seen in Could 2023, when Bitcoin mining income hit $41,744,197.067. The demand for Ordinals, that are much like non-fungible tokens (NFTs), was cited because the driving drive behind the income spike at the moment.
The prospect of simultaneous approval of as much as 12 Bitcoin ETFs has added to the optimistic sentiment amongst traders and miners alike. Such ETFs would supply a regulated and extra accessible means for retail and institutional traders to achieve publicity to Bitcoin with out straight shopping for or holding the cryptocurrency.
This growth is especially important because it displays the rising mainstream acceptance of Bitcoin and will result in elevated funding and utilization. Nevertheless, the SEC’s resolution on the spot Bitcoin ETFs stays pending, and its affect on each the worth of Bitcoin and mining revenues will likely be intently watched by stakeholders within the cryptocurrency market.
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Written By: Investing.com