Bitcoin Magazine will look at Bitcoin (BTC) on-chain metrics relevant to miners, more specifically, miners’ earnings and the Puell multiple.

Total turnover of the BTC miners

Miners’ total revenue halves every four years, as shown by the vertical dotted lines in the graph below. It did so due to the Bitcoin halving event, which last happened in May 2020.

The source: Glass knot

A look at the index since May 2020 shows that total sales are between 950 and 1050 BTC (black line), with the exception of the sharp drop in July when the historical difficulty correction took place.

Total miners’ sales are currently at 880 BTC, just like it was in November 2020 before accelerating to an all-time high in April.

The source: Glass knot

Trader @BTC_Archive already tweet an image that shows miner’s accounts are accumulating again. This move usually occurs in the early stages of a long-term uptrend. Therefore, the fact that these accounts are piling up shows that confidence in the market is still strong.

The source: Glass knot

Puell multiple

The Puell Multiple is calculated by dividing the daily Bitcoin output value in US dollars by the 365-day MA of the daily output value. It is considered a bitcoin miner indicator because it shows low (green) and high (red) profitable zones for miners.

Values ​​between 4 and 10 (red) are often associated with market cycle highs. Conversely, values ​​between 0 and 0.5 refer to the market low.

So far, the 2021 market cycle is the only one where it hasn’t reached a value between 4 and 10. The annual high so far is 3.43, reached in March.

This indicator currently shows a value of 1.26, which was previously reached in the middle of uptrends.

Therefore, according to this indicator, BTC still has a lot of room for growth.

The source: Glass knot

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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