No, I don’t trade in Bitcoin but I know those that do, so when I came across this, it looked interesting enough to share. According to data provided by Glassnode on-chain data provider, the total value paid to miners in USD has increased by 275%, totaling $40 million paid to miners per day.
The gradually increasing profits are almost completely fueled by the major price increase of Bitcoin. The ATH in revenue was hit back in April when Bitcoin was trading at $60,000.
According to data provided by Glassnode on-chain data provider, the total value paid to miners in USD has increased by 275%, totaling $40 million paid to miners per day. The gradually increasing profits are almost completely fueled by the major price increase of Bitcoin. The ATH in revenue was hit back in April when Bitcoin was trading at $60,000.
Miners’ profits still vary based on electricity costs, mining rig servicing, market fluctuations and other force majeure factors like the Chinese crackdown on cryptocurrencies. While miners’ profits remain extremely high, they also indicate potential incoming selling pressure on the market.
It is popular among certain sets of folks here in NH. In fact, Mark Warden (a ‘Grok friend) helped to transact the sale of a house entirely in Bitcoin. Certainly, other expensive items are also being transacted so it isn’t the exotic “thing” it used to be even in the recent past.
(H/T: U Today)