- Bitcoin (BTC) hashrate experiences remarkable recovery, reports CryptoQuant.
- The selling pressure on Bitcoin (BTC) appears to be diminishing.
- Aggregated BTC hashrate increased by 6% in a mere three weeks, signifying miners’ growing optimism.
Bitcoin hashrate rebounds by 6%, signaling strengthened market confidence and reduced selling pressure.
Impressive Bitcoin (BTC) Hashrate Recovery Detailed by CryptoQuant
The Bitcoin (BTC) network’s total hashrate has made a significant leap, growing by 6% over three weeks, according to on-chain analytics firm CryptoQuant. The hashrate hit 604 EH/s, marking a local peak. This development is seen as a robust indicator of BTC’s market performance.
What Higher Hashrate Implies for Bitcoin’s Market Dynamics
Climbing to 604 EH/s, the Bitcoin (BTC) hashrate is now lagging just 2% behind its all-time high. CryptoQuant analysts interpret this trend as a highly optimistic sign for the cryptocurrency market. The increased hashrate is primarily attributed to rising miner revenues, who have seen a 50% uptick since early July. This recovery follows a period of reduced compensation after the BTC halving event slashed block rewards by 50% in April.
Bitcoin Miner Revenues and Reduced Selling Pressure
After enduring a notably challenging phase, Bitcoin (BTC) miners are beginning to accumulate their coins rather than sell them off. This development, combined with an overall bullish market sentiment, has effectively reduced the selling pressure. In July, daily Bitcoin (BTC) miner outflows ranged between 5,000 to 10,000, which is about half the volume seen in March 2024. Despite this positive shift, Bitcoin miners remain sensitive to BTC price volatility as daily transaction fees have plummeted dramatically in recent months.
Conclusion
The recent surge in Bitcoin’s (BTC) hashrate and the concurrent increase in miner revenues paint an encouraging picture for the cryptocurrency market. With reduced selling pressure and a promising market outlook, Bitcoin miners are increasingly confident in holding onto their assets, fostering a more stable market environment. These developments are crucial for stakeholders looking to navigate the ever-volatile cryptocurrency landscape.
