2024

Bitcoin

when

Higher

Bitcoin’s recent price rise in July provided major comfort to miners, increasing mining activity and decreasing selling pressure. According to a CryptoQuant analysis dated July 31, daily miner profits have surged by about 50% since early July. As of July 29, the miners’ hashrate had hit 604 exahashes per second (EH/s), up 6% from its previous low on July 9.
Higher sales, at above $32 million per day, compared to a year-to-date low of $22 million in early July, have propelled this recovery. The boost in revenue has aided the network hashrate’s recovery, indicating miners’ improved financial situation.
Reduced Sales Pressure
As Bitcoin’s price increased by nearly 6% over the past 30 days, reaching around $66,500, improved revenues resulted in fewer BTC sales from miners’ reserves. The report indicates that miner outflows have been “generally lower than earlier in the year,” signaling reduced selling pressure as prices recover.
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> network hashrate is less than 2% from all-time-high. Miners expanding as prices recover. <a href="https://t.co/Cw7f7vFZAU" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Cw7f7vFZAU</a>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1818657877914984889?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 31, 2024</a>
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During July, daily miner outflows hovered between $5,000 and $10,000, a considerable decrease from the $10,000 to $20,000 range witnessed when BTC initially exceeded $70,000.
This lower selling activity is due to miners profiting on higher prices before the Bitcoin halving event, which decreased mining incentives by 50%. The halving is Bitcoin’s deflationary mechanism, which halves the incentives for creating new blocks every four years.
Disparity among miners
However, miners have not shared in equal measure the advantages of Bitcoin’s price comeback. Larger miners have been able to raise their BTC holdings in 2024; lesser miners have drastically cut theirs. From 61,000 BTC at the start of the year, data from CryptoQuant showed that big miners controlled 65,000 BTC as of July 29.
Smaller miners’ holdings, on the other hand, have dropped from 59,000 BTC to 51,000 BTC; their sales have sped following the halving event.
Transaction fees presently account for 1.72% of total mining income, the lowest amount since October 2023. The paper identifies a possible concern for miners if fees continue low, putting mining profitability significantly dependent on Bitcoin’s price.
The mining industry has been profoundly affected by Bitcoin’s price recovery, which has increased earnings and lowered selling pressure. Larger miners have expanded their holdings, but smaller miners have suffered, a reflection of the differences in the crypto markets.&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/07/29/bitcoin-hits-69800-after-trumps-bitcoin-conference-speech/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Hits $69,800 After Trump’s Bitcoin Conference Speech</a>
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Bitcoin’s Surge Boosts Hashrate and Cuts Selling Pressure

The Crypto Times

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