Bitcoin cryptocurrency mining revenues reached a new annual record level of about 42,386,514. 038 dollars on November 9, which is the highest level achieved by bitcoin mining revenues in 2023, surpassing its previous high of 41,744,197.067 dollars in May 2023, according to data compiled from Blockchain.com.
This came as a result of the rise in the price of bitcoin to more than 37,000 dollars at the same time, driven by the growing optimism of the cryptocurrency markets about the approval by the US Securities and Exchange Commission SEC of the listing of the bitcoin ETF on the New York Stock Exchange.
It should be noted, that the revenue of bitcoin mining comes mainly from bonuses related to the confirmation of bitcoin transactions and the establishment of mining platforms, but the recent rise in the price of bitcoin has strongly boosted the revenue of mining operations.
Several factors have led to a decline in the revenues of bitcoin miners globally, during the period between April 2022 and November 2023, the most important of which is the decline in investor sentiment to trade in the digital currency market with the increasing fraud and strict regulatory restrictions in some places.
