Bitcoin Miner Revenues Continue To Grow, Will This Put A Stop To The Sell-Offs?

The topic of bitcoin miner revenue has been hotly debated in the past three months. This is due to the decrease in cash flow from mining machines, which has negatively affected revenues for bitcoin miners. They have fallen to their lowest level in a year. The market is recovering some of its value and bitcoin miners have been able to make more money, which may be the solution to recent sell-offs.

The Miner Revenues are Growing

Bitcoin daily miner revenue had fallen to the $17 million mark during its lowest point. At this time, bitcoin miner revenues were dropping in double-digit percentages following the plunge in BTC’s price. This would lead to massive sales by miners, who scrambled for their continued operations. 

Following the price hike, miners’ revenues have been recovering. BTC’s price soared to $24,000 over the week. The increase in revenues is now being recognized by miner revenue. According to data from Arcane Research, daily miner revenues had jumped 5.32% from the previous week’s $20.4 million to last week’s $21.55 million. The reversed trend in declining gas flows has helped miners become, although only by a very small amount.

But, daily miner revenues would still be among the few Bitcoin metrics that was green in the last week. The percentage of miner revenues made up by fees declined significantly, falling 0.68%, as fees per day declined 28.12% to $317,246 from the prior week’s $441,342.

Bitcoin price chart from

BTC retakes $23,000| Source: BTCUSD on

Daily transaction volumes also fell, explaining the decline in daily fees. The week’s transaction volume fell by 14.38%, and the average transaction value dropped 15.66% to $254,429.

Bitcoin Mining: Will They Stop Selling?

To fund their mining operations, bitcoin miners had to sell off thousands of the BTC they have mined. In April and June, bitcoin miners sold off more BTC that they produced in the same month. This was the beginning of the sell-off trend. For these bitcoin miners, it was the first sign of a sell-off trend.

Because of declining profitability, bitcoin miners are now selling more than 4000 BTC. However, the recovery in miner revenues may have caused a decrease in sell-offs. This is especially true for public miners.

It could also be stopped by the rise in mining stocks’ value as BTC gains. An example is the Marathon Digital stock which is up more than 28% from its last week’s low. MARA trades for $12.96 today after hitting an all-time low of 10.08 last week.

Featured Image from Bitcoinist. Chart from

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