{"id":566383,"date":"2021-04-08T13:27:18","date_gmt":"2021-04-08T10:27:18","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566383"},"modified":"2021-04-08T13:27:18","modified_gmt":"2021-04-08T10:27:18","slug":"bitcoin-miners-are-making-over-50m-per-day-and-hodling-their-btc","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-miners-are-making-over-50m-per-day-and-hodling-their-btc\/","title":{"rendered":"Bitcoin Miners are Making over $50M per Day and Hodling their BTC"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin miners have been earning over $50 million per day<\/strong><\/li>\n<li><strong>This is a 4x increment in one year despite BTC rewards being halved<\/strong><\/li>\n<li><strong>Bitcoin miners are choosing to hodl their BTC<\/strong><\/li>\n<li><strong>Bitcoin&#8217;s $55k is the level to watch moving forward<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-miners-are-now-holding-btc-uptrend-likely-in-april\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Bitcoin (BTC) miners<\/a> are making over $50 million per day. This is according to data shared by the Co-founder and CTO of Glassnode, Rafael Schultze-Kraft, who also explained the current miner revenue is 4 times higher than it was one year ago despite mining rewards being cut in half. He shared his analysis through <a href=\"https:\/\/twitter.com\/n3ocortex\/status\/1379500542339252226\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">the following statement<\/a> and accompanying chart.<\/p>\n<blockquote><p><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span class=\"r-18u37iz\">#Bitcoin<\/span><\/a><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> miners have been making more than $50 Million per day for the past month. Put into perspective: A year ago this number was around $12 Million \u2013 that&#8217;s a 4x increase, despite the block subsidy being cut in half. Important datapoint!<\/span><\/p><\/blockquote>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th.jpg\"><img class=\"aligncenter size-large wp-image-566384\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-1024x576.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-300x169.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-770x433.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-1536x864.jpg 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-2048x1152.jpg 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-500x281.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-240x135.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-717x403.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-miner-revenue-April-8th-1347x757.jpg 1347w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a><\/p>\n<h2>Bitcoin Miners are Choosing to Hodl Their BTC<\/h2>\n<p>Mr. Schultze-Kraft went on to point out that Bitcoin miners are no longer selling much of their newly minted BTC and are instead opting to hodl. He pointed out that <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-miners-have-been-selling-their-bags-since-btc-hit-42k\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">a lot of miners sold their BTC<\/a> during the rise towards $40k but it seems this pattern has changed as illustrated through the following chart which he shared.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-Miners-holding-April-8th.jpg\"><img class=\"aligncenter size-full wp-image-566385\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-Miners-holding-April-8th.jpg\" alt=\"\" width=\"680\" height=\"380\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-Miners-holding-April-8th.jpg 680w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-Miners-holding-April-8th-300x168.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-Miners-holding-April-8th-500x279.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/BTC-Miners-holding-April-8th-240x134.jpg 240w\" sizes=\"(max-width: 680px) 100vw, 680px\" title=\"\"><\/a><\/p>\n<h2>Bitcoin Miner Metrics Point towards More BTC Price Growth<\/h2>\n<p>To conclude his analysis, Mr. Schultze-Kraft stated that the miner metrics are particularly bullish for Bitcoin&#8217;s long-term price growth since there was not much data indicating<a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-is-in-a-bull-market-capitulation-was-last-yr-at-3k-analyst\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"> miner capitulation<\/a>.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">I see strong <\/span><span class=\"r-18u37iz\">Bitcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> miner metrics. Great fundamentals, bullish long-term \u2013 selling or capitulation not in sight. Imo miners have little to no incentives to be cashing out now and have other means to cover capex and opex (e.g. borrowing).<\/span><\/p><\/blockquote>\n<h2>Review of Bitcoin&#8217;s Short Term Price Movement<\/h2>\n<p>At the time of writing, Bitcoin is trading at $56,500 after yesterday&#8217;s dip to a local low of $55,473 &#8211; Binance rate. The latter price level is now acting as short-term support that could assist Bitcoin in printing a double bottom pattern in the hours to follow.\u00a0However, if $55,473 fails to hold, Bitcoin could be headed towards another <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-drops-to-55k-on-news-of-the-us-cftc-investigating-binance\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">strong support zone at $55k<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Bitcoin miners have been earning over $50 million per day This is a 4x increment in one year despite BTC rewards being halved Bitcoin miners are choosing to hodl their BTC Bitcoin&#8217;s $55k is the level to watch moving forward Bitcoin (BTC) miners are making over $50 million per day. This is according to data shared by the Co-founder and CTO of Glassnode, Rafael Schultze-Kraft, who also explained the current miner revenue is 4 times higher than it [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":61043,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6962,1233,6961],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566383"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=566383"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/61043"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=566383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=566383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=566383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}