Mining
Bitcoin Mining Revenue Trends: A Sign of Miner Capitulation?
Wednesday. July 24 at 11:00 AM
1 min. readRecent on-chain data indicates that Bitcoin mining revenue is approaching its annual average, hinting at a possible end to miner capitulation. Analyst James Van Straten delves into the current state of BTC miners, focusing on their daily total revenue as a key metric. This revenue comprises block subsidies and transaction fees, with the former historically dominating miner earnings. The surge in miner revenue earlier this year was fueled by price rallies and increased network activity, including the introduction of Runes technology. However, the fourth Halving event led to a sharp decline in revenue, pushing it below the 365-day moving average. Despite recent recovery to $35 million, close to the yearly average of $40 million, miner capitulation may soon subside if revenue surpasses the moving average. This development could potentially drive Bitcoin's price higher in the near future.