{"id":31367,"date":"2020-11-06T15:05:47","date_gmt":"2020-11-06T13:05:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31367"},"modified":"2025-08-28T03:18:35","modified_gmt":"2025-08-28T00:18:35","slug":"bitcoin-price-rally-returns-miners-revenues-to-pre-halving-levels","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-price-rally-returns-miners-revenues-to-pre-halving-levels\/","title":{"rendered":"Bitcoin price rally returns miners\u2019 revenues to pre-halving levels"},"content":{"rendered":"

On November 5, the aggregate income of Bitcoin miners stood at $20.89 million. Such high figures were last observed in May, shortly before the third halving reduced the block reward from 12.5 BTC to 6.25 BTC.<\/p>\n

On the Blockchain.com<\/a> chart, a sharp uptick in the indicator is visible at the start of November.<\/p>\n

\"Bitcoin<\/p>\n

Dynamics of Bitcoin miners’ revenues. Source: Blockchain.com.<\/p>\n<\/div>\n

On November 4, Bitcoin’s price began pressing the $14,000 mark. On November 5 they rose<\/a> to above $15,200. On the next day Bitcoin neared<\/a> the $16,000 level. The last time the cryptocurrency traded at such high levels was in early January 2018.<\/p>\n

From this year’s low of $3,850, reached after the March 12-13 crash, Bitcoin has risen more than fourfold. Since the third halving, prices have risen by almost 80%.<\/p>\n

The rise in the indicator played<\/a> a role, aided by the largest drop in difficulty since 2011 by 16.05%. The apparent cause was the recent drop in hash rate<\/a> of 27% amid the end of the rainy season in Sichuan and the associated migration of miners.<\/p>\n

\"Bitcoin<\/p>\n

Source: Glassnode.<\/p>\n<\/div>\n

The share of fees in Bitcoin miners’ revenues rose. For October, proceeds from transaction fees amounted<\/a> to $42.9 million. Compared with September, this figure rose by 63%.<\/p>\n

\"Bitcoin<\/p>\n

Source: Coin Metrics.<\/p>\n<\/div>\n

On October 29, the share of transaction fees stood at 27.75%, a peak since January 2018, and since then has remained above 17%.<\/p>\n

\"Share<\/p>\n

Source: Glassnode.<\/p>\n<\/div>\n

New Bitcoin records this year have catalyzed miners’ selling inclination. CryptoQuant analysts observed a shift in their behaviour and signalled the build\u2011up of conditions for strengthening this trend.<\/p>\n

\n

It seems miners started to sell some $BTC<\/a>.<\/p>\n

You might want to set an alert for \u00abMiner to Exchange Transactions Count Flow.\u00bb $BTC<\/a> price drops when this hourly value goes above 120. The great sell-off in March this year, for example.<\/p>\n

Set alert\ud83d\udc47https:\/\/t.co\/ZOxePE7aFm<\/a> pic.twitter.com\/3lFrJicvV0<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) November 5, 2020<\/a><\/p>\n<\/blockquote>\n