In order to revisit its all-time high, Bitcoin (BTC) miners should raise its hashrate by 2%, as of now. The CryptoQuant team stresses that this should be treated as a positive sign for the market.
In the midterm, the higher hashrate is a result of recovering revenues and miners being fairly paid now after experiencing an extremely underpaid situation since April, when BTC halving reduced block rewards by 50%.
Daily miner revenues have increased by almost 50% since early July, which appears to be the period of “maximum pain” for the segment.
As covered by U.Today, in mid-April, BTC block rewards for miners dropped to 3,125 Bitcoins (BTC) per block.
Namely, daily Bitcoin (BTC) miner outflows have remained between 5,000-10,000 in July, which is roughly equal to 50% of March 2024 levels.
However, Bitcoin (BTC) miners remain dependent on BTC price volatility. Daily transaction fees dropped by orders of magnitude in recent months, researchers say.
This article was originally published on U.Today
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