Nice operation – According to data needed by CoinMetrics and The Block, bitcoin miners have not been idle and have been very active in the market. Blame it on the bullish end of the cycle (poorly managed for some) which erases all the excesses. Some have had to sell to rebuild their cash flow and avoid going out of business.
Bitcoin sold does not mean miner satisfied
Indeed, if the figure itself is huge and exceeds the annual GDP of the Tonga Islands, it remains “timid” compared to the previous ones. That same gross jackpot amounted to $1.2 billion in mining revenue in January.
This income comes largely from the sale of tokens. Bitcoin miners are paid directly by the network each time it has participated in the registration of a block of transactions on the chain. They also affect the fees spent by network users.
According to Glassnode, revenue from transaction fees represents only between 1.5 and 2.5% of the total amassed by miners in July.
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