The excitement that previously surrounded the BRC-20 token standard, especially Bitcoin ordinal inscriptions has since died down. Bitcoin miner revenue shrunk in the last few days as a consequence.
The recent surge in Bitcoin miner revenue represented the largest spike observed in the last three years. The last time that miner revenue was that high was during the recent peak in May 2020.Higher miner revenue tends to encourage more miner participation since there is more revenue to be shared out. As such, the higher profitability tends to attract more miners and this has been the case in the last four weeks.
Unsurprisingly, Bitcoin’s hash rate has been on an overall uptick so far this year. It also soared to the highest historic level at the start of May.The overall surge in Bitcoin’s hash rate reflected the slight market recovery observed on a year-to-date basis.Taking Bitcoin miner reserves into consideration is one of the best metrics for assessing the overall market sentiment. A drop in miner reserves indicated low confidence in the market.
The miner reserve metric has been on an overall downtrend for the last five months. However, it just registered its largest spike in the last 24 hours at the time of writing. This means that miner confidence was recovering.The new-found Bitcoin miner confidence comes at a critical time in Bitcoin’s price performance. BTC has been tuck in the ranging market for a little over two weeks but it recently embarked on a bullish breakout.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Comedy performer Jimmy Flynn on Sudbury stage June 3With 35 years of comedy and songs under his belt, Jimmy Flynn has one rule: have a good time
Read more »
Vital People: Gutsy Walk for Crohn's and Colitis is June 4Crohn’s and colitis affect one in every 140 Canadians so this year's Gutsy Walk is hoping to raise money and awareness.
Read more »
B.C.'s minimum wage to be highest among provinces starting June 1B.C. has the second highest minimum wage in the country as of June 1.
Read more »
B.C.'s minimum wage to be highest among provinces starting June 1B.C. has the second highest minimum wage in the country as of June 1.
Read more »
Gold price trades below $1,950 ahead of Congress debt ceiling vote and June Fed decision
Read more »
Your June 2023 Horoscope Is Here | Elle CanadaThe month is June is almost upon us, but a new horoscope sign is here. Find out what the stars have in store for you this Gemini 2023 season.
Read more »