Bitcoin mining revenue has reached a new yearly pinnacle, surpassing its previous high observed in May 2023 during the Ordinals inscriptions surge. According to Blockchain.com data, BTC mining revenue soared to $42,386,514.038 on November 9, exceeding the earlier yearly record of $41,744,197.067 set on May 8, 2023. This surge in mining revenue correlates with Bitcoin’s price surge to over $37,000 on November 9, fueled by heightened expectations surrounding the potential approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC).
Blockchain.com President Lane Kasselman explained the key factors influencing Bitcoin miners’ earnings, emphasizing that network congestion plays a crucial role. The recent earnings boost is primarily attributed to Bitcoin’s rising price, in contrast to the May period when network congestion resulted from high demand for Ordinals inscriptions.
The anticipation surrounding a U.S. spot Bitcoin ETF’s approval has contributed to Bitcoin’s price rally. The SEC faces a series of pending ETF applications, with Grayscale reportedly in talks with the regulatory body about converting the Grayscale Bitcoin Trust into a spot Bitcoin ETF. Approval of a U.S. spot Bitcoin ETF is seen as a pivotal milestone for institutional adoption, providing investors with exposure to the cryptocurrency market without direct asset management. Analysts suggest a possible SEC approval by January 2024, signaling significant progress in institutional acceptance of Bitcoin.
