Bitcoin miners’ revenues rise to levels January 2018 years due to a combination of several factors.
According to the Blockchain.com portal, on November 4, miners’ revenue was $ 20.8 million, thus exceeding the levels observed before the halving in May, when the block reward was reduced from 12.5 BTC to 6.25 BTC. The last time comparable values were recorded in September 2019.
Bitcoin miners came out on income in January 2018 and showed a propensity to sell
The price of bitcoin has doubled since May, thus offsetting the decline in rewards. At the time of publication, the cryptocurrency is trading near annual highs above $ 15,500.
In addition, fees for miners play a significant role in the income of miners. transaction processing. At the end of October, they increased by 200% and began to account for over 20% of miners’ earnings.
Analyst firm CryptoQuant expects that at current prices, miners may be inclined to sell bitcoins. This is indicated by the index of positions of miners developed by the company, which is now about 4, then values above 2 speak in favor of sales.
CryptoQuant CEO Ki Yong Joo says the whales are showing increased activity on exchanges. He gives a graph where it can be seen that the indicator of the inflow of assets to the exchanges approached 2, that is, close to the danger zone. On the other hand, all indicators that indicate an overbought market are quite expected after a price increase of 8% in 24 hours and almost 50% in a month..
According to the ByteTree resource, the accumulation of miners is decreasing for all monitored segments. Over the last day, they spent 192 BTC more than they mined, and over the week – 897 BTC.
Thus, the question of the absorption of the increasing supply by buyers remains open. According to alternative.me, the “Fear and Greed” index is now 90, that is, it is in the “extreme greed” zone. The indicator exceeded the current values only once – against the background of reaching a price peak in the middle 2019.
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