Bitcoin miners are celebrating as the hashprice continues to rise. The portion of block rewards coming from fees has reached a six-month high of 27%. Additionally, more than 5,000 BTC coins have been sold off by miners since the late-October rally. Bitcoin has surged past $37,000, gaining over 34% in the last month. Although it has dipped to the $36,000 zone, the market remains optimistic about its short-term prospects.
The boost in Bitcoin’s hash price has been a positive outcome of the rally, indicating increased profitability for miners. The hashprice has spiked to $91 per PetaHashes per day (PH/Day), the highest in six months and a 27% increase over the last week. Hashprice is a well-known mining metric that correlates with changes in Bitcoin’s price.
Transaction fees earned by miners have also seen a significant rise, reaching a six-month peak of 27% on November 9th. Miners use block rewards to cover mining expenses, and during low volatility periods, they hold onto their coins until prices increase.
AMBCrypto analysis reveals that miners have been selling off their holdings since the late-October rally, with over 5,000 BTC coins being offloaded. This suggests that miners are taking advantage of the higher prices.
The revival in Bitcoin’s price is crucial for miners’ financial well-being, as their profitability is closely tied to the security and decentralization of the Bitcoin network.
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