Bitcoin Miners’ Revenue Surged to Pre-Halving Levels

Despite May 2020 Bitcoin halving that halved miners’ reward from 12.5 BTC to 6.25 BTC, miners revenue rose to $20.8 million on November 4, according to Blockchain.com.

This was largely due to the over 50 percent increase in the price of Bitcoin since the May halving. Also, the almost 200 percent increase in bitcoin transaction fee in late October boosted the percentage of BTC miner revenue by $4.15 million or roughly 20 percent of total miner revenue.

Experts at CryptoQuant said “some miners may be compelled to start selling BTC since the Miner’s Position Index is currently at around 4. Values above 2 indicate that most miners are selling.”

They added that “there is also a noticeable spike in transactions from miners to exchanges as the price crossed above $15,000. However, the amount is still relatively small compared to pre-halving outflow levels.”

Ki Young Ju, CryptoQuant CEO, said even though miners are selling fast to take advantage of the recent surge in price, they are still very optimistic that price would rise higher.