Miner revenues soar 50%, pushing Bitcoin hashrate higher and reducing selling pressure from miners’ reserves.
Bitcoin’s price recovery through July has provided some relief for miners, leading to a surge in mining activity and reduced selling pressure.
According to a July 31 report from CryptoQuant, miners are currently selling less Bitcoin (BTC) as daily miner revenues have increased by almost 50% since early July. As of July 29, miners’ hashrate was at 604 EH/s, an increase of 6% since July 9, when it reached its lowest level since Feb. 28. The report notes:
Bitcoin’s price has gained nearly 6% over the past 30 days, trading around $66,500 at the time of writing. The cryptocurrency has climbed over 49% so far this year.
