According to data from Glassnode, the total value paid to miners in USD has increased 275%, at USD 40 million per day. The steadily rising returns are almost exclusively due to the massive price increase of Bitcoin. Revenue hit ATH in April when Bitcoin was trading at $ 60,000.
Miners’ profits vary based on electricity costs, mining facility maintenance services, market volatility, and other force majeure factors such as China’s crypto penetration. Although profits are still very high, it also shows possible selling pressure in the market.
Previously, mining bans in several provinces in China caused Bitcoin’s hash rate to drop by almost 50%. Miners’ selling pressure could be estimated at around $ 10 million a day.
The source: Glass knot
Comparing current returns to the 2020 halving, miners’ earnings are currently significantly higher, with a 275% increase before the halving and a 630% increase after the halving. After the block reward was halved, the price of Bitcoin rose significantly, which made up for the miners’ losses.
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According to U.today