Bitcoin Back In The Spotlight As Fund Managers Eye Further Investments

Amid a flurry of trading activity and soaring prices for bitcoin, which peaked at $42,000 last month, the revenue miners have been earning has rocketed. 

The $1.09bn figure for January is just off the peak achieved in late June of 2017 when mining revenue soared to $1.25bn.

Soaring prices in this bull run have seen the number of active wallets on the Bitcoin blockchain jump, with the 7-day moving average figure increasing to over 1.1 million. Like the mining revenues, this figure has not been seen since 2017.

The data shows that $977m came from the network’s block subsidies, amid a trend that has seen mining bitcoin become more expensive recently due to a bidding war for the latest mining equipment.

A bitcoin supply shortage, coupled with the soaring price, saw miners’ daily revenue per terahash second (TH/s) of computing power increase to as much as $0.25, which has not been seen since mid-2019, according to reports.

I’m going to Miami (for crypto)

Miami wants to become the new hotspot for cryptoassets, according to Francis Suarez, the mayor of the city since 2017.

In an interview with Forbes published on Sunday, Suarez said politicians in Miami were looking into regulations used in other crypto-friendly areas like Wyoming and New York in an effort to promote regulatory incentives for crypto and blockchain in Florida.

“[Miami is] making sure that we have the most progressive crypto laws,” said Suarez. “We want to make sure that we believe that if all things are equal, we win. So, we just want to equalize the playing field. We want to make sure that nobody has an advantage over us based on laws that are easily changeable.”

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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