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The financial landscape for bitcoin miners saw a dramatic turn around in July, all thanks to a significant rise in bitcoin's price. It’s like nothing we’ve seen in quite a while. The aftermath? A hearty boost in mining activity and a noticeable drop in the urge to sell. A study by CryptoQuant, taking a snapshot as of July 31, pointed out that daily profits for these hardworking miners leaped by an impressive 50% since the start of the month. And by July 29, their collective hashrate soared to 604 exahashes per second (EH/s), pushing past the low waters of July 9 by a solid 6%.
Financial Recovery and Its Effects
The figures are in, and they're big. We're talking sales rocketing past the $32 million mark each day, a bold step up from the early July lows of $22 million. This influx of revenue didn't just pad wallets; it reignited the network hashrate, showcasing an overall improvement in the miners' financial health. We're seeing a comeback, folks, and it's powered by bitcoin.
Reduced Sales Pressure
With bitcoin's price climbing a handsome 6% over the last 30 days, hitting a robust figure around $66,500, the miners found themselves in a sweet spot. Reduced pressure to sell their bitcoin stash emerged as profits grew. The analysis underlines a pivotal shift - miners' outflows dipped, marking a quieter selling scene than we've observed earlier this year. Indicatively, daily outflows took a dive to the $5,000-$10,000 range in July, from the more restless $10,000-$20,000 band when bitcoin prices had previously breached the $70,000 ceiling.
Disparity among miners
However, it would be misleading to say that all miners danced to the same tune following bitcoin's price escalation. The wealth, so to speak, was not evenly spread. The heftier miners managed to bolster their bitcoin reserves looking into 2024, while the smaller players saw their accumulations dwindle. According to CryptoQuant data, while the big guns increased their holdings to 65,000 BTC by July 29, the smaller miners' stash shrunk from 59,000 BTC to 51,000 BTC, especially after the halving event which cut mining rewards by half.
Another noteworthy mention is the all-time low of transaction fees, accounting for only 1.72% of the total mining revenue as of October 2023. This sets a concerning precedent for miners, as their profitability hinges more than ever on the price of bitcoin, especially if fees maintain their low profile.
The revival in bitcoin's price has undeniably been a game-changer for the mining community. The increase in earnings and diminished need to sell has painted a rosier picture for larger miners, yet smaller miners find themselves caught in a challenging position, reflecting the broader disparities within the crypto market.
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