Bitcoin

April

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-revenues-hit-record-highs/" data-wpel-link="internal">Bitcoin Mining Revenues Hit Record Highs</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/populer-analist-bitcoinin-yeni-adres-sayilarini-isaret-etti" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/abd-sec-spot-bitcoin-etf-onayi-tek-sartla-mumkun-diyor-gorusmeler-suruyor" data-wpel-link="internal">BTC</a>)</strong> price has been testing different levels while recently reaching all-time highs (ATH). Concurrently, with the new price increase, miners also witnessed the highest level of daily revenue ever.</p> 
<h2 id="bitcoin-miner-revenues">Bitcoin Miner Revenues</h2> 
<p style="text-align: justify">An analysis of <a href="https://en.coin-turk.com/exploring-the-potential-uptrend-in-bitcoin-and-ethereum-prices/" data-wpel-link="internal">Bitcoin</a> miner revenue from <strong>Glassnode</strong> revealed a significant increase on March 5th. The daily mining fee rose to $75.9 million, marking the highest daily revenue since April 2021. At the time of writing, the daily mining fee had fallen to approximately $62 million. Despite this decline, the fee continues to be among the highest observed since December 2021. Moreover, the increase in fees can be linked to the rise in daily transactions. An analysis of the volume chart from <strong>Santiment</strong> showed that on February 6th, <a href="https://en.coin-turk.com/bitcoin-analyst-warns-of-a-possible-downward-sweep-for-btc/" data-wpel-link="internal">BTC</a> volume exceeded $102 billion.</p> 
<p style="text-align: justify">This was the first instance in over a year that BTC witnessed such high volume. At the time of writing, the volume was over $55 billion. An analysis of miner reserves from <strong>CryptoQuant</strong> indicated that as fees increased, reserves experienced a decline. At the time of writing, the reserve was over 1.820 million. At the beginning of the month, the reserve was approximately 1.821 million, and at the start of February, it was around 1.827 million.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-324748 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btc.webp" alt="" width="2048" height="1290"></p> 
<h2 id="bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
<p style="text-align: justify">The recent decline could indicate that miners are selling their tokens as BTC prices rise. While this has not yet affected the BTC price, more significant declines could lead to a price drop. A detailed analysis of Bitcoin’s price trend on the daily timeframe could suggest a pullback after surpassing $68,000 on March 4th.</p> 
<p style="text-align: justify">This could mean that Bitcoin reached this level for the first time in over a year. At the time of writing, <strong>Bitcoin</strong> was trading around $66,700, following a nearly 1% increase in value. This sustained the previous trading session’s 3.6% rise. Additionally, as indicated by data from the relative strength index (RSI), Bitcoin remained in the overbought zone.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-mining-revenues-hit-record-highs/" data-wpel-link="internal">Bitcoin Mining Revenues Hit Record Highs</a></h5>

Bitcoin Mining Revenues Hit Record Highs

Table of Contents

COINTURK NEWS

Other articles published on Mar 8, 2024

Elon Musk-Led Tesla's Bitcoin Investment Rakes In $230M In Unrealized Profit Since BTC ETF Introd...

Solana (SOL) & Tether (USDT) Investors Anticipate Kelexo (KLXO) Presale 40X Rise Amid Ripple (XRP...

Bitcoin Poised for Potential Price Surge

Solana’s $150 rally: Are traders expecting more from SOL?

Rebel Satoshi Teases Explosive Run as Meme Coin Lovers Seek Alternative to Dogecoin and BONK

BlackRock Wants To Add Spot Bitcoin ETFs To Its Global Allocation Fund

Join our free newsletter for daily crypto updates!