Is The Next Bull Market Here? Bitcoin Miners Record Revenue in Q3 2023

15 Nov 2023 by Rory Kejzerko 2 min read

The 2022-born bear market has been rough for us all. However as the crypto space continues along its bull-market-bound four-year cycle, things have started to pick-up for many DeFi entities, with the Bitcoin mining industry being one of the most prosperous of them all.

Per stats from Blockchain.com, said mining community has recently recorded its all-time high (ATH) stats of 2023, as it accumulated $44 million worth of block rewards and transaction fees throughout Q3 2023. Per reports from firms within the space, such revenue primarily came from rewards for confirming bitcoin transactions on the blockchain, as well as from creating new blocks using mining rigs.

When it comes to the individual payouts that accumulated to cultivate the mass sum, miners received 6.25 BTC (around $227,700) for every successful block creation - which came in addition to extra transaction fees.

In turn, Q3 2023 saw Bitcoin miners hit their highest revenue numbers since April 2022 - where per consensus from within the industry, its endurance of a 18+-month recession arose due to several factors…namely the crypto bear market (which was also incepted in April 2022), negative sentiment surrounding the crypto space, and unfriendly regulations that prohibited Bitcoin from being freely transacted.

However as we’ve come to witness in recent weeks - amid bearish crypto conditions slowly diminishing - 2023 has seen many of such circumstances begin to reverse. This turnaround arose through bullish developments on the Spot Bitcoin ETF front, which has been accompanied by more optimistic sentiments being emitted by both crypto-native and non-native entities looking to add capital to the DeFi economy.

For example, one of the industry’s leaders Marathon Digital Holdings was able to profit from a 467% increase in Bitcoin production throughout Q3 2023 - a development that was multiplied further by the general rise in Bitcoin’s value. Here, the firm raked-in $97.8 million worth of revenue in Q3 2023, which is a 670% year-on-year surge.

Marathon’s Q3 Earnings Release is here:
- Revenue of $97.8M, due to 467% increase in #Bitcoin production and higher BTC prices.
- Adjusted EBITDA improves to $43.7M.
- 8% increase in hash rate; expanding with hydro-powered ventures in Paraguay.
- Long-term debt reduced by 56%,…
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023

Conclusively, whilst we don't expect such figures to replicate or better themselves in months/quarters to come, what Q3 2023 has told us is that interest in Bitcoin is most certainly on the rise again, irrespective of the relentless bearish and dismissive narratives being published by those on the periphery of the crypto space.

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