Bitcoin Miner Revenue Hits New All Time High Among Other Key Metrics: Potential Bull Case? 

glassnode studio bitcoin total miner revenue all miners 1

Total Bitcoin miner revenue has been on a steady uptrend since the start of the year, hitting its new all time high on Friday. According to figures from on-chain analytics site Glassnode, miners are now making an aggregate $64 million from newly minted coins and fees — up nearly 400% since a year ago. It’s important to note that this is despite block subsidy being cut in half post-halving. Mining Revenue Up Despite Mining Difficulty and Mean Hash Rate Rising In fact, Bitcoin’s mining difficulty also recently reached an all-time high — up 66% in the past year and 24% year-to-date. Increases in mining difficulty alongside hash-rate led many in the crypto community to believe that miner capitulation was inevitable. Miner capitulation is a phenomenon where Bitcoin mining is no longer profitable, leading to miners selling their newly minted tokens rather than accumulating them in response to bearish market conditions.…

Read the original article here