Cryptocurrency
Bitcoin miners are consistently earning $50 million daily
Data retrieved from Glassnode showed Bitcoin miners have been consistently earning more than $50 million per day for the past month.
Miners at the flagship crypto market are earning record revenues triggered by the growing number of transactions on the blockchain as the flagship Crypto asset gained relevance in global financial markets.
Data retrieved from Glassnode showed Bitcoin miners have been consistently earning more than $50 million per day for the past month.
About a year ago this number was around $12 million – that’s a 4x increase, despite the block subsidy being cut in half.
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3/ #Bitcoin miners have been making more than $50 Million per day for the past month.
Put into perspective: A year ago this number was around $12 Million – that's a 4x increase, despite the block subsidy being cut in half.
Important datapoint!
Chart: https://t.co/FWSYnFIGQT pic.twitter.com/CwNVRUWMln
— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021
In addition, it is critical to note that Bitcoin’s average hash rate hit a new all-time high 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.
READ: Miners earn a whopping $3.5 million per hour on Ethereum network
1/ A thread on #Bitcoin miner metrics.
First, some fundamentals.
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.https://t.co/SEdtQGNsT7 pic.twitter.com/vIjVGyH8QC
— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021
What you should know
Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.
BTC miners who successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.
READ: Bitcoin is becoming scarce as BTC Miners sell less BTCs
This confirmation process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.
The flagship crypto asset has reinforced its status as the world’s newest trillion-dollar asset amid a growing number of transactions and the adoption by institutional investors.
That being said, recent data retrieved from Glassnode, a top crypto analytic trading firm, revealed Bitcoin Miners’ net position change metric flashing green as seen in the chart, revealing that miners are holding on to newly mined Bitcoins.
Whilst Bitcoin miners have an increasingly small influence as sell-side entities (when taking daily trade volume into consideration), their spending habits provided key insight into the market bias of some of the biggest bulls in the Bitcoin market.
Overall, in recent times, the Bitcoin market has posted remarkable strength and demand has kept the bullish run relatively in play.
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Bitcoin is on fire, breaks above all-time high
The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.
Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.
At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.
Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.
BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.
READ: Why Bitcoin might likely hit $100,000 soon
📉 #Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702
View metric:https://t.co/v3uKq4dCjX pic.twitter.com/MTLDQeL5Oj
— glassnode alerts (@glassnodealerts) April 13, 2021
READ: Bitcoin produces 4 billionaires worth at least $3 billion each
More details later…
