In accordance with data from Blockchain.com, Bitcoin mining revenue achieved a new yearly peak on November 9, totaling $42,386,514.038. This surpasses the previous high of $41,744,197.067 recorded in May 2023. This surge coincided with Bitcoin’s price experiencing a significant spike, surpassing $37,000 on the same day. The driving force behind this price increase was the heightened anticipation surrounding the potential approval of a U.S. spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC).
The increase in mining revenue can be attributed to the combined impact of the rising price of Bitcoin and heightened network activity. Lane Kasselman, President of Blockchain.com, highlighted that increased network congestion leads to higher transaction fees, which contribute to the earnings of miners. While the network congestion observed in May was influenced by the demand for Ordinals (a concept similar to NFTs), the current surge is primarily associated with the escalating price of Bitcoin.
The recent price rally has been significantly influenced by the anticipation of the approval of a U.S. spot Bitcoin ETF. The SEC, which has historically rejected Bitcoin ETF applications, finds itself in a unique situation with the expiration of deadlines for rebuttal comments on multiple pending ETF applications. This situation potentially paves the way for the simultaneous approval of 12 Bitcoin ETFs.