Bitcoin Miners’ Revenue Hits Two-Month High Amid Rising Transaction Fees
19.10.2024 13:18 1 min. read Alexander Zdravkov
Bitcoin miners’ revenue reached a two-month high on Thursday, amid rising demand for the cryptocurrency.
The boost came as miners decided to hold onto their BTC rather than cashing out, a shift not seen in over a month. With Bitcoin nearing its peak of $73,700, this strategy points to a potential bullish breakout.
The spike in earnings, reaching 552 BTC (over $37 million), was mainly driven by increased transaction fees on the network, which have surged 166% over the past week.
This fee jump contributed to higher mining rewards and consistent revenue growth. For the first time since mid-September, miners refrained from selling, accumulating 658 BTC instead.
Currently, Bitcoin is trading near $68,321, just shy of a significant resistance point, with rising momentum indicated by the Relative Strength Index approaching overbought levels.
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