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Home / Business / Although Bitcoin prices remain high, Onchain data shows that BTC miners’ expenditures have not exceeded normal

Although Bitcoin prices remain high, Onchain data shows that BTC miners’ expenditures have not exceeded normal



The value of the cryptocurrency economy is higher than ever, because Bitcoin has reached a record high of 24,298 US dollars per unit. According to statistics on the chain, no matter the highest price ever, Bitcoin miners in the world will not spend more Bitcoin than usual. During the bull market, the outflow of Bitcoin miners has been high, but also lower than the highest level in 2019.

Speculators believe that when the price of Bitcoin (BTC) rises, the Bitcoin mining business will sell more coins. However, even though BTC has reached an all-time high (ATH), according to data from on-chain chart sites such as Cryptoquant and Glassnode, miners’ Bitcoin sales have not been higher than usual. On December 22, an on-chain researcher from Glassnode explained that miners spent no more than usual during ATH.

Glassnode said on Tuesday: “Despite the recent rebound, Bitcoin miners’ spending has not been more than usual.” “The miner outflow multiple shows that the outflow of BTC miners is high relative to its historical average, which is far from the previous highest. Value, even lower than the local maximum in 2019.”

Although Bitcoin prices remain high, Onchain data shows that BTC miners’ expenditures have not exceeded normal

Since the halving and the bull market a few months later, Bitcoin miners have been making substantial profits. Before the halving, it is estimated that miners need a BTC price of around $12,500 to achieve a balance of payments before the halving.

The overall hash rate is very high, reaching 139 exahash per second (EH/s), because 14 mining operations on the BTC chain are point hash rates. With the price exceeding $23,000, Bitcoin miners and even older generation mining equipment like S9 have made considerable profits.

At the time of release, there are 18,579,969 BTC in circulation today, and so far this is 88.48% of the 21 million supply cap. After BTC’s annual inflation rate remained above 3.6% before the halving in May, it has fallen sharply to 1.78%.

On average, miners issue BTC worth US$20,961,900 in 144 blocks per day (calculated at today’s exchange rate). Yesterday, 147 BTC blocks were found at a rate of 6 blocks per hour in the past two weeks, and 2,037 blocks were found.

Although the two-week average of BTC currency rewards is $146,046 per block, the total average fee per block is 0.81 BTC or $18,837. Glassnode’s on-chain statistics show that, based on the “Realized Holder Ratio” of the past seven days, entities have held coins for longer periods of time.

In addition to the data from Glassnode, the miner outflow statistics from Cryptoquant show that the sales of Bitcoin miners have not increased significantly due to the high BTC price. Cryptoquant tracks data from major BTC mining pools, including Antpool, Poolin, Btc.com, F2pool, Viabtc, Slush, Dpool, Bytepool, and other smaller unknown mining pools.

What do you think about miners holding newly minted bitcoins? Let us know your thoughts on this topic in the comments section below.

Tags in this story

Antpool, Bitcoin, Bitcoin (BTC), Bitcoin mining, BTC.com, Bytepoo, Cryptocurrency, Cryptoquant, Dpool, F2Pool, glassnode, Hashrate, miner outflow multiples, on-chain data, on-chain status, outflow, Purin , Realized Hodder Ratio, S9, Slush, ViaBTC

Picture Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode,

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