20 July 2026
Bitcoin Mining Revenue Surges Exponentially
Bitcoin (BTC) has made a solid move by surpassing $47,000. This rise comes after improvements in Bitcoin’s on-chain metrics. As the Bitcoin network continues to come up with new capital flows.
A report issued by Glassnode explaining BTC’s price stated, “It is calculated by valuing each coin at the price when it was last spent, representing an aggregate cost basis for the market.” The reports further added how the uptrend in realized cap explains that the coins accumulated at cheaper prices have been spent and sold, and following that, the market must absorb the sell-side pressure to trend higher.
Emphasizing, further Glassnode explains, “The Realised Cap started trending higher in late-July and has just reached a new all-time high of $379B. Given spot prices have continued to rally, this indicates that new capital is flowing into Bitcoin, and the market is capable of absorbing that sell-side pressure.”
Besides, the Bitcoin hashrate has also increased after a 50% collapse in May due to China’s abrupt closure. In the past two months, the hashrate has surged from 25%, and the Bitcoin network is currently mining at 112 EH/s.
Compared to last year’s Bitcoin halving of May 2020, the miner revenue had reduced from 9.5 BTC/EH to 5.6 BTC/EH in May 2021. With the recent great miner migration, there has been a better adjustment with protocol difficulty.
Moreover, the miners who continue to be online during this migration period have observed their BTC mining revenue increasing by 57% by hash to around 8.8 BTC/Eh.
Although, the net balance of BTC miners has surged in the past two months. The overall growth of miner balances has crossed more than 5k/month by indicating a decreased selling pressure. Since July, the net position change for BTC miners has turned positive.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
Discussion
0 comments