In line with data from Blockchain.com, BTC miners revenue has soared to levels not seen since Bitcoin’s third halving earlier in May this year that reduced the miner block reward from 12.5 BTC to 6.25 BTC.
As such, BTC miners’ revenue hit $20.8 Mln earlier on 4th Nov. consistent with Blockchain.com, the very best point recorded since September 2019, when miners’ block reward was twice the max amount as now.
A spike in BTC miner revenue levels is coming from Bitcoin price doubling since the May halving. Earlier on 4th Nov., Bitcoin price reached a new 2020 high at $15,950 USD, jumping over 20% over the past 7 days.
The jump is additionally due to the simultaneous rise in Bitcoin transactions’ fees. As reported, Bitcoin transaction fees surged nearly 200% in late October. As such, the share of BTC miner revenue from fees has significantly increased, accounting for $4.15 Mln or roughly 20% of total miner revenue.
Amid parabolic growth in revenues, some miners are likely to start out cashing out at now.
As per analysts at CryptoQuant, some miners could also be compelled to start out selling BTC since the Miner’s Position Index is presently at around 4. Values over 2 indicate that the majority of miners are selling.
Moreover, there’s also a clear spike in transactions from miners to exchanges as the price crossed over $15k. However, the quantity remains relatively small compared to pre-halving outflow levels.