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.
Rumble has expanded its Bitcoin holdings, acquiring 188 BTC for $17.1 million as part of its long-term strategy to integrate digital assets into its corporate treasury.
Russia, under mounting financial sanctions, is cautiously testing the waters of regulated cryptocurrency investment.
Japanese investment firm Metaplanet has bolstered its Bitcoin holdings with a fresh purchase of 162 BTC, pushing its total stash to 3,050 BTC.
Despite Bitcoin’s price struggles, large investors have continued to accumulate, adding over 65,000 BTC in the past month.