2024-04-21 21:06:08
- Miners remained profitable following the halving, thanks to Runes.
- Retail interest in BTC grew, but whale interest remained stagnant.
Normally, following one bitcoins [BTC] In halving, there is a reduction in revenue collected by miners due to reduced block rewards.
However, recent developments in the cryptocurrency mining landscape have painted a different picture, as miners earn green and unprecedented income.
Miners benefit from runes
According to Glassnode, Bitcoin miners’ earnings rose to an impressive $106.7 million on April 20.
A significant portion, 75,444%, of this revenue came from network transaction fees, setting a new record for Bitcoin miners.
This increase in miners’ income can be attributed to the rise of Bitcoin runes, a protocol that allows for the creation of fungible tokens on the Bitcoin blockchain.
This innovation makes it possible to create new cryptocurrencies or tokens that operate on the same network as Bitcoin, which contributes to greater profitability in mining.
Profitability in Bitcoin mining is crucial for miners as it directly affects their results.
Higher profitability means miners can cover their operating costs more efficiently and potentially reinvest in mining equipment or infrastructure improvements.
This in turn strengthens the overall security and resilience of the Bitcoin network.
Furthermore, the high profitability of Bitcoin mining can have positive implications for the BTC market in general.
As miners earn more income, the selling pressure on BTC decreases as miners may be less willing to sell their newly minted coins.
This dynamic can contribute to price stability and potentially even upward price movements for BTC.
However, the hashrate around BTC has decreased significantly in the past few days, which might negatively affect miners in the future.
How is BTC doing?
Speaking of price movements, BTC was trading at $64,883.09 at the time of this publication, reflecting an increase of 2.10% in the last 24 hours.
This price increase, combined with increasing profitability in mining, bodes well for the general sentiment surrounding BTC.
Furthermore, active addresses on the BTC network have seen significant growth in recent days.
This increase in activity suggests increased interest and engagement in the Bitcoin blockchain, further supporting positive price momentum.
Is your wallet green? Review BTC profit calculator
While retail interest in BTC has increased, whale interest appears to have plateaued, indicating a possible shift in market dynamics.
However, open interest, a measure of market activity and liquidity, has seen a slight decline, indicating continued interest from traders and investors in the BTC futures markets.
This is an automatic translation of our English version.
1713776316
#Runes #Bitcoin #miners #halving
