- Bitcoin miners are HODLing new coins again.
- In September, they generated a total of $1.3 billion, most of which came from block subsidies.
New data from Glassnode shows Bitcoin miners have started accumulating BTC again, following the increase in price. This means there will be less selling pressure from the miners, which is rightly considered bullish to sustain price on the uptrend.
Bitcoin miners are HODLing
For nearly one month, miners have been dumping their holdings as Bitcoin traded below $50,000, which resulted in a negative net position change. This was related to the crackdown in China, as most of the mining companies had to sell off some of their holdings to fund their migration to other favourable locations outside China.
However, as most miners are now settled outside China – evident with the hashrate, which is back up to 146.6 million terahash per second TH/s, they have resumed accumulating BTC again. As of October 4, Bitcoin miners’ net position change became positive, just as the price of Bitcoin began shooting up for the $50,000 range.
Bitcoin miners’ revenue daily and monthly has also gone up accordingly. As per the information recently published by Glassnode, miners were making an aggregate revenue of $40 million daily in the past month. This represents a “+275% since the pre-halving period of $14M to $18M/day, and a +630% compared to the post-halving period of $6M to $8M/day.”
Overall in September, it generated total revenue of over $1.3 billion. They realized about $1.29 billion from block subsidies alone and about $19 million in network fees. In August, however, miners made roughly $1.4 billion in revenue.