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Bitcoin mining revenues soar after BTC posts massive gains.

Bitcoin is down more than 20% in the last seven days after heavy selling pressure pushed the price below $44,000 on Sunday.


According to the latest data published by crypto analytics and on-chain market analysis firm, Glassnode, Bitcoin miners have been making approximately $50 million daily on average for the last 30 days. The Glassnode report further mentioned that in 2020 Bitcoin mining firms were making nearly $12 million per day. The analytics firm also highlighted the latest accumulation trend by BTC miners. Bitcoin is currently trading near $57,000 with a market cap of more than $1.06 trillion.

 

BTC miners are making more than $50 Million per day.

“Bitcoin miners have been making more than $50 Million per day for the past month. Only a year ago, this number was around $12 Million; that’s a 4x increase, despite the block subsidy being cut in half. Are Bitcoin miners selling? I don’t think so, Rafael Schultze-Kraft, Co-Founder and CTO at Glassnode, tweeted. He further noted, “we saw increased outflows in the run-up to $40k, but the miner position change has turned back positive. Also, note that these on-chain miner volumes are not significant compared to the rest of the network.”

 

Bitcoin’s average hash rate hit a new ATH. 

Bitcoin miners have been taking advantage of the recent price rally in the leading cryptocurrency. Bitcoin price registered an all-time high of approximately $61,000 in March 2021. The digital currency started this year at a price level of nearly $29,000. Glassnode CTO further highlighted, “Bitcoin’s average hash rate hit a new ATH yesterday, crossing a daily average of 178 exahash / sec for the first time in history.” “Miners keep spinning up machines, hash rate is up only,” Kraft added. Despite the reason that Bitcoin’s market dominance has dropped below 56%, the overall on-chain activity of BTC has increased significantly above the $1 trillion market cap.

 





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