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Bitcoin Miners are Accumulating Bitcoin from Record Daily Revenue

Bitcoin Miners are Accumulating Bitcoin from Record Daily Revenue

Mining revenues from Bitcoin are increasing after Bitcoin gained almost 100% in the last 13 weeks. As per the latest data issued by on-chain market analysis and crypto analytics firm, Glassnode, Bitcoin miners have been gaining approximately $50 million daily on average for the last 30 days. Glassnode mentioned that in 2020 Bitcoin mining firms were earning roughly $12 million per day. The analytics firm also emphasized the latest accumulation trend by BTC miners. The world’s most comprehensive digital currency recently trades near $57,000 with over a $1.06 trillion market cap.

Data from Glassnode reveals that Bitcoin’s average hash rate has hit a new ATH (all-time-high) this week, surpassing a daily average of 178 exahashes per second for the first time in history. Moreover, Bitinfocharts approves the record high, recording the current hash rate at 176 EH/s. It covered 150 EH/s twice in February and has continued at these high levels for the past two months, regularly increasing. Hashrate is a computing ‘horsepower’ for the Bitcoin network and a vital security sign. The higher the hash rate, the more difficult it is to hit the network.

Bitcoin Transfers from Miners to Exchange Wallets Drops

Accordingly, miners are now holding on to the coins they’re minting as the net position has flipped back to green. In the run-up to the $40K price level, miners were aggressively trading off to incorporate their costs. However, they’ve now turned back into accumulation mode. Moreover, the direct Bitcoin transfers from miners to exchange wallets have decreased significantly, and even USD-dominated miner to trade volume has fallen, notwithstanding a stable price. 

Nevertheless, miner activity describes a small fraction of BTC trading volumes as a combination. The analyst decided that these metrics are very bullish, and miners have limited incentive to cash out immediately or capitulate as many foretold after the halving. Bitcoin miners are taking benefit of the current price rally of the world’s largest cryptocurrency. Additionally, the Bitcoin price registered an ATH (all-time high) of around $61,000 in March 2021. The Bitcoin started its rally at a price level of approximately $29,000 this year. 

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