According to Glassnode bitcoin miners have resumed the accumulation of BTC in response to the increase in price.
This indicates that miners will mount increased pressure on sales, a trend that suggests bullish momentum.
Bitcoin miners are HODLing
Bitcoin traded below $50,000, which resulted in a negative net position change for over one month. Outside China, holdings to fund their migration most of the mining companies had to sell off some of their holdings.
With China’s hash rate back up to 146.6 million terahash per second TH/s, they have resumed accumulating BTC again. Bitcoin miners’ net position change positively, just as the price of Bitcoin increased to $50,000 range.
They have been an increase in Bitcoin miners revenue. Recently the information published by Glassnode were making an aggregate revenue of $40 million daily.
This represents a “+275% since the pre-halving period of $14M to $18M/day, and a +630% compared to the post-halving period of $6M to $8M/day.”
Total revenue of over $1.3 billion was generated in September. However, they discover about $1.29 billion from block subsidies and about $19 million in network fees.
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.