Bitcoin Mining Revenue Records New Yealy High Amid ETF-Driven Rally
Bitcoin Mining Revenue Surges
According to data from Blockchain.com, Bitcoin mining revenue achieved a new yearly high on Thursday, as the coin’s price continued to rally amid excitement within the crypto industry caused by the growing possibility that the United Securities and Exchange Commission will likely approve a Bitcoin spot Exchange-Traded Fund.
Blockchain.com reported that Bitcoin mining revenue rose to $42.3 million on November 9, breaking the previous 12-month high of $41.7 million recorded on May 7, when Bitcoin saw increased interest following the launch of Ordinals, a protocol that allows users to inscribe unique digital assets on the Bitcoin blockchain.
The latest increase in mining revenue comes at a time when Bitcoin is trading at levels it touched last 16 months ago. Over the past seven days, BTC’s price has been ranging between $36,500 and $37,700. The coin now trades at $30,074 after posting 7-day gains of 7.5%.
Factors Leading to the Rise of Mining Revenue
While announcing the rise in mining revenue, Blockchain.com CEO Lane Kasselman explained two main factors that drive an increase in Bitcoin mining revenue. He said miners’ revenue grows when BTC’s price rallies or when the Bitcoin network becomes busier. According to Kasselman, the more people use the oldest blockchain, the higher the network fees, thus boosting miners’ earnings.
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That explains why mining revenue surged significantly in May when the hype around the Ordinals protocol was still high. The growth in earnings came despite Bitcoin trading at low levels. However, the latest rise in mining revenue is likely fueled by the growing BTC’s price.
What is Causing Bitcoin to Rally?
As mentioned, the current Bitcoin rally is primarily fueled by optimism that the Gary Gensler-led SEC will allow a Bitcoin spot ETF to enter the United States market. According to ETF analyst Eric Balchunas, the SEC is currently reviewing 12 Bitcoin spot ETF filings.
On Thursday, the BTC rally was fueled further when reports emerged that crypto asset management company Grayscale was engaging with the Securities and Exchange Commission in regard to its application to turn its Bitcoin Trust into a Bitcoin spot ETF. This comes after a US court ordered the commission to review Grayscale’s ETF filing last month.
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