Bitcoin’s hash rate surges, but what’s up with miner fees?

Journalist

Posted: February 19, 2024

• The hash charge of the Bitcoin community has elevated.
• BTC retained a pattern above $50,000.

Current knowledge indicated that the rise in Bitcoin’s [BTC] costs has notably affected each community problem and hash charge. How have these modifications influenced miner income?

Bitcoin problem heightens

AMBCrypto’s examination of the Bitcoin hash charge confirmed a surge akin to the latest enhance in costs.

On the time of this writing, Glassnode’s knowledge confirmed that the hash charge was over 610 trillion. Whereas not the very best recorded hash charge, it stands among the many peak ranges noticed in latest months. 

Supply: Glassnode

The heightened hash charge has additionally contributed to elevated community problem. AMBCrypto’s evaluation of the issue chart indicated a considerable climb in latest days, reaching its highest stage in months.

Bitcoin miner price falls to lowest within the yr

Whereas Bitcoin’s community problem and hash charge skilled a rise, the miner price didn’t exhibit a corresponding upward pattern. An evaluation of miner income charges confirmed a latest decline. 

Beginning the month at over 5%, the price peaked at over 15% at one level. Nevertheless, on the time of this writing, the price had decreased to round 3%, marking the bottom level within the yr so far.

It’s value noting that this present price is just not the bottom noticed in latest months — a variety of 1.6% was recorded between July and October 2023.

BTC maintains a pattern above $50,000

Bitcoin’s worth pattern, analyzed by AMBCrypto on a every day timeframe, exhibited an virtually 1% decline on the seventeenth of February. Regardless of this downturn, it sustained above $50,000 for the fifth consecutive day.

It was buying and selling at round $51,800 on the time of this writing, with a rise of lower than 1%. The brief shifting common (yellow line) acted as a assist stage, round $44,300.

This signified that the value will doubtless stay above the yellow line within the occasion of a decline.

Supply: Buying and selling View

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The bullish pattern was additionally evident within the Relative Energy Index (RSI), which, on the time of this writing, was barely beneath 80, indicating a sturdy bull pattern.

To witness a rise within the miner price, further community actions can be required along side these different metrics.