As the BTC price has recently touched its highest levels since January 2018, Bitcoin mining is getting more profitable because of several factors.
As per Blockchain.com data, Bitcoin miner revenue has ascended to levels not seen since Bitcoin’s 3rd halving in the month of May this year, which reduced the miner block reward from to half.
On 4th November, Bitcoin miners’ revenue touched the mark of twenty million USD. As per Blockchain.com, this is the uppermost mark recorded since September 2019. At that time, the miner’s rewards touched a value as high as forty million USD.
A rapid increase in Bitcoin miner revenue levels is coming from the BTC price doubling since the halving event. On 4th November, the crypto asset’s price made a new 2020 high at fifteen thousand nine hundred and fifty USD, surging more than twenty percent over the past 7 days.
The surge is also due to the concurrent increase in BTC transaction fees. According to several crypto media reports, the transaction fees of BTC increased rapidly by approximately two hundred percent in late October.
Because of the aforementioned events, the percentage of Bitcoin miner revenue from fees has surged remarkably, accounting for over four million USD or around twenty percent of total miner revenue.
Notably, some BTC miners may be compelled to begin selling Bitcoin since the Miner’s Position Index is presently at around four, as per analysts at CryptoQuant.