Bitcoin recently surpassed its previous all-time high price, reaching above $69,000 before experiencing a minor drop.
This surge in price has resulted in a significant increase in transaction volume on the network, leading to higher profits for Bitcoin miners.
The seven-day moving average of transaction volume on the Bitcoin network is currently at its highest level in the past 18 months, since September 2022. As a result, the seven-day moving average of Bitcoin miner revenue has also risen to nearly its all-time high of $67.2 million in May 2021, currently sitting at $65.4 million.
While the recent price surge has been attributed to the success of the spot Bitcoin ETFs in the United States, another upcoming event that may impact the price is the Bitcoin halving.
This event, in which the mining reward is cut in half, is expected to occur in around 40 days on or around April 19th and is traditionally viewed as a positive event for Bitcoin’s price.
Furthermore, Bitcoin’s mining difficulty level recently reached its highest level yet, which means that the cost and effort required to mine a Bitcoin block has more than doubled over the past year.
