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Analysis: Bitcoin miners emerge from the stress zone, with hash rate and revenue recovering in tandem and selling pressure easing significantly
BlockBeats reports,October 8, the latest CryptoQuant analysis shows that Bitcoin miners have escaped the previous stress zone. The network-wide hash rate rose from July 31 899 EH/s to the current 962 EH/s, while the decline narrowed from July 28 18%to 13%. The recovery in hash rate was driven by the rise in Bitcoin's price. Bitcoin July bottomed at 58,000 USD and has since rebounded by approximately 45%to above 83,000 USD. Miners' total daily revenue (block subsidy plus transaction fees) rose from 27000000 USD to 48000000 USD, an increase of 78%; daily transaction fees (7 daily average) recovered from 195000 USD to 275000 USD. Although still far below the block subsidy, this further supported the recovery in revenue.
Mining profitability has shifted ranges. Since August 21 Bitcoin reached 76,000 USD, miners shifted from the “extremely underpaid” state of May to August“reasonably paid.” Selling pressure eased at the same time: no extreme miner outflows have occurred since August 21. The latest outflow from miners in the Satoshi era (September approximately 600 BTC) was only approximately January(about 2000 BTC), one-third of the former. The total balance of large miner addresses holding 100 to 1000 BTC has remained stable at approximately September since the beginning of 51,000 BTC. After falling by 2025 from December in 64,000 BTC 20%it has since bottomed out and stabilized.