Bitcoin miners are beginning to feel the adverse effects of the latest halving, with industry revenues at their lowest point since early 2023.
The tighter profit margins raise questions about which industry firms can stay afloat during Bitcoin’s next halving epoch, as well as how Bitcoin’s market price might be impacted.by on-chain analytics platform CryptoQuant, Bitcoin’s “Puell Multiple” plummeted sharply immediately after the halving between April 19 and April 20.
The Puell Multiple is a ratio that compares the value of daily BTC issuance in USD terms to the 365-day moving average of that same metric. Since the number of new BTC issued to miners has fallen from 6.25 BTC per block to 3.125 BTC per block, the Puell multiple has declined.that a high Puell multiple indicates relatively high miner profitability, meaning miners are more incentivized to liquidate their coins.
As of April 28, the multiple stood at just 0.73, much below its 365-day simple-moving-average of 1.43. In USD terms, daily miner revenueCryptoQuant’s mining dashboard shows that miner BTC flows to OTC desks and exchanges remain relatively low, meaning they aren’t keen on selling their BTC.Though miner revenues are now more suppressed, the day of the halving itself was an unusually profitable day for miners, netting $106 million in revenue compared to ~$68 million in previous days.
The temporary profit boost was largely thanks to the simultaneous launch of Runes, a new protocol standard for minting tokens on Bitcoin crafted by Ordinals creator Casey Rordamor.What is Renzo Protocol? The Liquid Restaking Primitive ExplainedAI Will be One of those Areas Where Blockchain has Genuinely Improved: Flare Network’s CEO Hugo Philion One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheBlock__ - 🏆 464. / 53 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Bitcoin miner profits get squeezed as hash price drops to lowest since October 2023According to crypto analytics firm CryptoQuant, the hash price for miners dropped from nearly $0.12 in early April to $0.07 post-halving.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Bitcoin drops below $60K as analyst says zero spot Bitcoin ETF inflows ‘very normal’Market participants eyeball the significance of zero spot ETF flows as Bitcoin price sinks under $60,000.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »