Bitcoin Miner Revenues See Double-Digits Increase As Price Recovers

Bitcoin miner revenues took a tumble over the last few months when the price had plummeted. It had dealt a massive blow to the miners whose primary revenue relied on the price of the bitcoin. As such, their activities had been stunted, and a good number risked going into bankruptcy. The last few weeks had also seen a consistent decrease in daily miner revenues, but this has been changing in the last week following the price recovery of bitcoin.

Miner Revenues Jump

Daily miner revenues had eventually fallen below $18 million two weeks ago, setting a new yearly low. This had driven down the profitability of mining activities for miners, and they had to sell a good portion of their bitcoin holdings. However, miner revenues did a complete 180 in the last 7 days.

Related Reading | By The Numbers: The Most Undervalued Bitcoin Mining Stocks

Reports from Arcane Research show that daily miner revenues had grown by double-digits in just the last week alone. They had jumped from the previous week’s $17.7 million to add almost $3 million daily for the last seven days. This had led to a 15.46% change in this time period, painting a better picture for miners going forward.

BTC trading north of $23,000 | Source: BTCUSD on TradingView.com

The recovery had lined up with bitcoin finally breaking above $23,000 and even briefly touching $24,000. During this time, network activity had ramped up, and there was a significant jump in the daily transaction volumes. This metric had recorded a 21.20% increase in the space of a week.

Bitcoin Is Mostly Green

The daily bitcoin miner revenues and the daily transaction volume were not the only ones seeing green for the week. Other metrics came out in favor of the digital asset for the same time period. Among these was the average transaction value that surged 19.68%, accounting for the second-largest increase for the week.

Related Reading | Institutions Sell Off 1% Of Total Bitcoin Supply In Under 2 Months

Most interesting were the blocks per hour that were mined. This showed the decrease in mining difficulty as the blocks produced grew by 6.13%, from 5.54 to 5.88. As well, the average transactions per block were on the up but not by a large margin, going from 1,754 6o 1,776, accounting for a 1.27% increase.

On the flip side, the fees per day realized by bitcoin miners were down by 3.81%. The prior week has come out to $458,669 on average, while last week’s number was $441,196. This obviously affected the percentage of revenues made up by fees which declined 0.43%.

Featured image from Newsweek, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…