Quick Take

Bitcoin miner revenue currently stands at approximately $25.5 million, marginally surpassing the 365-day Simple Moving Average (SMA) of $22.5 million.

This financial situation draws noteworthy similarities to the pattern seen in 2019 during the previous bear market when the revenue eventually dipped below the 365 SMA, prompting speculations about potential parallels in trends.

Miner Revenue: (Source: Glassnode)

Adding to this, an all-time low has been recorded in the Miner Revenue per Exahash, as determined by Glassnode.

This metric evaluates the daily income of miners, considering their projected contribution to network hash power. To calculate this, the total miner income, denominated in USD or Bitcoin (including subsidy and fees), is divided by the current hash rate (in EH/s). Presently, this works out to around 2.33 Bitcoin or $60,677 daily, marking a significant dip.

These figures underscore the volatility and sensitivity inherent in Bitcoin mining revenues, suggesting that shifts in quantitative metrics can have significant repercussions on the financial outlook of this sector.

Miner Hash Price: (Source: Glassnode)

The post Bitcoin mining revenue just edges past year-long average appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ August 29, 2023 10:15 am