Bitcoin miners have been having a gala time as the Bitcoin price roars past $45,000 registering over 20% gains since the beginning of December 2023. As a result, the Bitcoin miners have scooped massive amounts in miner fees over the last month.
Bitcoin Miners Collect $4 Million in Fees
In recent observations by crypto analyst Will Clemente, Bitcoin has secured the top position among blockchains, leading in fees generated over the last 24 hours, 7 days, and 30 days. According to the data from the past 30 days, Bitcoin’s fee dominance translates to an annualized figure exceeding $4 billion for miners. This development is seen as a bullish signal for both miners and the overall security of the Bitcoin network.
The Bitcoin mining activity has surged pretty strongly over the last 8 days as we approach closer to the Bitcoin ETF approval next week. This surge in mining activity is likely to continue going ahead as we approach the Bitcoin halving in April 2024.
Bitcoin miners are absolutely printing. With Miner Price at $64K, they are making 50% extra on top of the Bitcoin price 🤯 pic.twitter.com/fFXlByM4DH
— Charles Edwards (@caprioleio) December 27, 2023
Bitcoin investor Mike Alfred recently highlighted a significant surge in Bitcoin miners over an 8-day period, following his tweet. In contrast to prevailing sentiments, Alfred emphasized that Wall Street does not possess all-encompassing knowledge.
Notably, he pointed out that the current Wall Street valuations have yet to account for potential Bitcoin prices reaching $60,000 or $100,000. Alfred expressed the view that the substantial move in Bitcoin miners has only just commenced, indicating potential for further growth in the sector.
BTC Miner CleanSpark To Introduce Trading Desk
CleanSpark Inc., a prominent US-based Bitcoin mining company, is set to establish an internal trading desk in the coming year to enhance returns from its cryptocurrency holdings. The move aims to leverage the sizable Bitcoin balance held by CleanSpark, providing an opportunity for more efficient financial management.
Zachary Bradford, CEO of CleanSpark, emphasized the strategic advantage of managing trading activities in-house, citing the company’s substantial Bitcoin holdings as a driving factor. This approach aligns with a broader trend among Bitcoin miners who are increasingly exploring avenues, such as crypto derivatives and options, to generate income from their cryptocurrency reserves.
Marathon Digital Holdings Inc., for instance, has employed Bitcoin call options contracts, allowing them to capitalize on their extensive Bitcoin holdings by selling call options to generate additional income. This strategy involves providing buyers with the right to purchase the underlying Bitcoin at a predetermined price within a specified timeframe.
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