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Bitcoin mining revenue reaches yearly high amid growing ETF anticipation

TL;DR

  • Bitcoin mining revenue has reached a new yearly high of $42,386,514.038, surpassing the earnings during the Ordinals craze, driven by Bitcoin’s price surge to over $37,000 amid anticipation of a U.S. spot Bitcoin ETF approval by the SEC.
  • The SEC is in a critical window for approving 12 applications for a spot Bitcoin ETF, with a decision expected by January 2024, signaling a significant moment for Bitcoin’s mainstream financial acceptance.
  • Bernstein Research predicts a high likelihood of the SEC approving the first spot Bitcoin ETF by early January next year, marking a pivotal shift in the cryptocurrency market.

Bitcoin mining revenue has soared to unprecedented heights, outstripping even the lucrative days of the Ordinals frenzy earlier this year. On November 9, mining income reached about $42,386,514.038, propelled by a buoyant Bitcoin price, which climbed to over $37,000, according to data from Blockchain.com. However, this remarkable growth is closely linked to the burgeoning optimism surrounding the potential approval of a U.S. spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC)​​.

Economic implications of SEC’s upcoming decision

The financial world is abuzz with anticipation as the SEC’s window for approving 12 applications for a spot Bitcoin ETF rapidly approaches. With an eight-day period starting Thursday allocated for this critical decision, the SEC’s verdict could significantly impact Bitcoin’s market dynamics​​. Bernstein Research, a branch of the prestigious Alliancebernstein firm, projects a high probability of the first spot Bitcoin ETF receiving SEC approval as early as January next year. This forecast signals a pivotal moment in Bitcoin’s journey toward mainstream financial recognition​​.

SEC sets January 2024 deadline for ETF decision

In a decisive move, the SEC has also designated January 10, 2024, as the deadline to approve or disapprove the proposed rule change for a spot Bitcoin ETF. This decision also extends to the review of the Global X Bitcoin Trust application, further underscoring the criticality of this timeframe in the cryptocurrency arena​​.

BlackRock, the world’s largest asset manager, filed an application for a Bitcoin ETF. The move comes as many hedge funds and investment firms also seek approval from the SEC for a similar product. BlackRock’s entry into the race earlier this year has breathed new life into the competition, adding to the growing interest in Bitcoin.

As Bitcoin’s price continues to scale new heights and the SEC’s decision on a spot Bitcoin ETF looms on the horizon, the global financial industry remains poised for potentially transformative shifts. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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