Bitcoin miners rake huge revenues as the rate hit another unprecedented high, and they aren’t trading their holdings this period. Report from Glassnode, the provider of on-chain analytics, has shown that the average hash rate of Bitcoin hit a new record high this week, surpassing a daily of 178 exahashes in seconds in history.
Bitinfocharts has just confirmed the record all-time high report of Bitcoins this week. It reports the present hash rate of 176 EH/s. Bitcoin peaked at 150 EH/s twice since February and remained at a high level for the last two months, constantly increasing. Significantly, Hashrate is sometimes seen as computing horsepower for Bitcoin networks and heavy security signs. The higher its hashrate, the harder it will attack networks.
Bitcoin Miners Rakes an Unprecedented Revenue
In another vein, the bullish on-chain metric was analyzed by Rafael Schultze-Kraft, a data scientist, who stated that the difficulties in mining have equally hit a record high. The data scientist maintained that Bitcoin miners make over $50 million daily for the past two months. He pointed that last year, this amount was about $12 million; thus, present earning is in a fourfold increment despite the block subsidy being cut half in May 2020 halving.
Glassnode stated that Bitcoin miners are now holding to the new coin being minting since the net position has returned to green. Meanwhile, towards the $40,000 price level, Bitcoin miners were vigorously selling off to cover expenses, but now they have gone back into the accumulation mode.
The Price Update of Bitcoin
Bitcoin unspent supplies have started increasing again following a sharp and quick drop of about 15,000 Bitcoins at the start of the year. Rafael Schultze-Kraft continued that direct Bitcoin transfers from miners to the exchange wallet are significantly going down. The United States dollar-dominated miners to the exchange volume have even reduced despite the stable price. But, miner activities represent a small fraction of Bitcoin trading volumes.
The analyst and data scientist concluded that the metrics are bullish, and miners possess a small incentive to take their cash now or give in since several people have predicted after the halving. The Bitcoin price changes constantly and is monitored by many banks, retail investors, and other financial institutions.
As reported by Coingecko, Bitcoin is currently trading down at 1 percent at $56,700. The price was down last week at the same time by 3.4 percent but remain under the month-bound channel it was formed. Finally, it is vital to add that Bitcoin hasn’t dropped to less than $50,000 for more than a month. This is a bullish signal which supports that it is holding firm.