Bitcoin Miners' Revenue Surges 41% to $3.7 Billion Amid BTC Price Boom

Bitcoin miners witnessed a remarkable revenue increase of 41% to $3.7 billion in the last quarter of 2024, as reported by H.C. Wainwright. This growth was largely fueled by Bitcoin's price surge, breaking the $100,000 mark for the first time. The quarter also saw substantial inflows into the spot BTC ETF, totaling $16.7 billion—almost four times the $4.3 billion recorded in the third quarter. Consequently, the average Bitcoin price escalated to $83,432, marking a 36.7% increase from the previous quarter.The mining sector's expansion was notable, with listed miners enhancing their operational capacity by 46 EH/s, raising the total to 235.8 EH/s. The global network hashrate also rose by 17.3% from the third quarter, averaging 738 EH/s, and further climbed to 833 EH/s by early February 2025.The quarter saw a 16.4% increase in Bitcoin production, totaling 11,366 BTC. Transaction fees also surged by 59.4%, reaching 1,553 BTC, contributing to the overall rise in miner revenue. The total market capitalization of listed mining companies grew by 21% to $28 billion, with AI-related miners particularly outperforming.Despite the positive trends, the analyst warned of potential future market fluctuations driven by ongoing trade tensions between major economies like the US, Canada, Mexico, and China. However, any resulting dips in Bitcoin or mining stocks are seen as potential buying opportunities, reflecting a strong start to the first quarter of 2025 with continued high BTC prices and ETF inflows totaling $5.7 billion.