Bitcoin Miner Revenue Trends Near Annual Average
Analyst James Van Straten recently discussed the current state of BTC miners, highlighting various methods to evaluate their status. One such method is the hashrate, measuring computing power in the Bitcoin network.
Van Straten, however, analyzed daily total revenue earned by miners, comprising block subsidy and transaction fees. The former denotes BTC rewards for solving blocks, while the latter is fees bundled with transactions.
Historically, block subsidy has been the major part of miner revenue. The chart demonstrates fluctuations in combined Bitcoin miner revenue over recent years, displaying a spike to an all-time high in April.
- Bitcoin miner revenue analysis by James Van Straten.
- Hashrate versus daily total revenue for miners.
Factors Influencing Miner Revenue
The surge in miner revenue aligned with a price rally, driven by block subsidies and transaction fees. The fourth Halving event, reducing block rewards, caused a sharp drop in miner revenue post-ATH.
The revenue fall below the 365-day SMA led to miner capitulation, but a recent uptick indicates recovery. With revenues nearing the $40 million yearly average, the analyst suggests that miner capitulation could be drawing to a close.
- Price rally impact on miner revenue.
- Effects of Halving events on block rewards.
Potential for BTC Price Movement
Bitcoin’s price stability around $66,200 hints at a potential trend shift. The ability to surpass the 365-day SMA could extend the positive trajectory for Bitcoin price and miner revenue.
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