Although there were big sales from miners in January, Glassnode’s report shows that the outflow from miners for February has dried up so far.
The report states that the two main sellers of bitcoin in bull markets are miners and long-term investors. According to Glassnode, the decline in miners’ revenue can be considered positive, as miners have already covered their operating costs or are hoarding coins in response to Tesla’s $1.5 billion investment in bitcoins :
That means mine operators have sold enough to cover their costs, or they see Tesla’s show of confidence as a good reason to keep their treasures in their hands.
With miners clinging to their BTC, Glassnode concludes that most coins sold on the markets are being abandoned by long-term investors.
The report refers to last week’s Elon candle – the largest daily candle in BTC history was set up the day after Tesla’s investment announcement, and it caused a huge spike on Monday, February 8, for a 24-hour gain of $7,162, or 18.5%.
Looking at Bitcoin’s average exit lifetime (ASOL), a metric that measures the average age of all transactions in days, Glassnode concluded that long-term investors took advantage of Tesla’s news to profit.
The Elon candle has increased the average age of coins issued from 30 days to 58 days, as shown by ASOL.
The company noted that the number of days of parts destroyed (DDC), a measure of economic activity that gives greater weight to parts that have not been used for a long period of time, also demonstrates that old parts are being redistributed. Glassnode concludes that long-term investors have taken profits since October – when BTC collapsed above $12,000.
Tesla’s investment also served as a record-breaking social signal for bitcoin, with activity on Twitter reaching new peaks after the automaker’s investment was announced.
Despite the profit taking, the price of bitcoin continues to rise. The 16th. In February, BTC tested its recent high of about $49,600.
frequently asked questions
Are bitcoin miners profitable?
The ideal machine for bitcoin mining is energy efficient and offers good value in terms of hashing performance. According to CryptoCompare’s profitability calculator, 1 TD/s of hash stakes would yield about 0.00000613 BTC, or about $0.236 profit per day at the current value of bitcoin ($38,560).
Will bitcoin mining be profitable after halving?
Currently, the transaction cost is significantly less than the cost of upgrading a 0.6-bit block, or $5,000 per block. So the halving of wages for this quarter means that the miners’ income has been almost halved overnight. This sudden drop in mining rewards means that mining has suddenly become much less profitable.
How much money can you make as a bitcoin miner?
When bitcoin was first mined in 2009, you got 50 BTC to mine a block. In 2012 it was halved to 25 BTC. In 2016, it halved again to $12.5 billion. On the eleventh. In May 2020, the price was halved again, to 6.25 BTC.
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