Crypto Miners Rake In Record Profits As Bitcoin Rally Continues: Deutsche Bank
Portfolio Pulse from Benzinga Neuro
Cryptocurrency miners are experiencing record profits due to the ongoing Bitcoin rally, with daily mining revenue reaching $78 million as Bitcoin hits a $72,000 record. Factors such as the upcoming halving event, Wall Street's growing interest, and regulatory changes are driving the surge. The halving event, reducing miner rewards, has led to a $1 billion investment in new equipment. Analysts predict this cycle will boost Bitcoin prices further, potentially reaching $100,000 by the end of 2024.
March 14, 2024 | 5:30 am
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Bitcoin's price rally to $72,000 and predictions of reaching $100,000 by the end of 2024 are driving record profits for cryptocurrency miners. The upcoming halving event and increased Wall Street interest are key factors.
The direct correlation between Bitcoin's price and mining profitability is evident. The halving event historically leads to price increases, and with Wall Street's growing interest, demand for Bitcoin is expected to rise. These factors combined with the significant investment in mining equipment suggest a bullish outlook for Bitcoin in the short term.
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IMPORTANCE 95
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