In accordance with data provided by Glassnode on-chain data provider, the total value paid to Bitcoin mining workers in USD has increased by 275%, totaling $40 million paid to miners per day. The gradually increasing profits are virtually fully fueled by the key-value enhance of Bitcoin. The ATH in revenue was hit back in April when Bitcoin was trading at $60,000.
Miners’ profits still range primarily based on electricity costs, mining rig servicing, market fluctuations and other force major factors just like the Chinese crackdown on cryptocurrencies. Whereas miners’ profits remain extremely high, additionally they indicate potential incoming selling strain on the market.
Beforehand, after the mining ban in some provinces in China, Bitcoin’s hashrate fell sharply by almost 50%, which allowed it to get better after losing more than 50% of its worth. Decreased promoting strain from miners can be valued at around $10 million per day.
Comparing present profits with the halving that took place in 2020, present miner revenue is considerably higher with a 275% increase pre-halving and a 630% increase post-halving. After a block reward cutting, Bitcoin’s price jumped significantly, compensating miners’ losses.
Numerous Bitcoin market analysts note that halving events are quite welcome by market contributors and normally make miners hold their rewards in order to sell them for a better price. Every halving event previously led to an increase in the worth of Bitcoin.