Bitcoin (BTC) miners are back in business, New report by CryptoQuant analysts says
Aggregated Bitcoin hashrate, i.e., the total number of hashes produced by all miners on the network, added 6% in just three weeks. Leading on-chain analysis firm CryptoQuant explained why this is a positive signal for BTC's performance.Bitcoin hashrate spiked to 604 EH/s, which is a local high. The upsurge pushes total growth since bottoming to 6%.
In the midterm, the higher hashrate is a result of recovering revenues and miners being fairly paid now after experiencing an extremely underpaid situation since April, when BTC halving reduced block rewards by 50%.'Rich Dad Poor Dad' Author Unveils How to Survive Current Market Crash Daily miner revenues have increased by almost 50% since early July, which appears to be the period of"maximum pain" for the segment. As a result, Bitcoin miners are yet again interested in accumulating their coins instead of selling them. Combined with overall bullish sentiment, this results in"eased" selling pressure.
Namely, daily Bitcoin miner outflows have remained between 5,000-10,000 in July, which is roughly equal to 50% of March 2024 levels. However, Bitcoin miners remain dependent on BTC price volatility. Daily transaction fees dropped by orders of magnitude in recent months, researchers say.
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