Bitcoin miner revenue per exahash spikes, nearing yearly high

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Quick Take

In a notable devel­op­ment in the Bit­coin min­ing are­na, an uptick in min­er fees was observed by Cryp­toSlate yesterday.

Min­er rev­enue per Exa­hash, a met­ric applied to esti­mate the dai­ly income of min­ers in rela­tion to their net­work hash-pow­er con­tri­bu­tion, has expe­ri­enced a sig­nif­i­cant surge. This met­ric, cal­cu­lat­ed by the ratio of total min­er income (in USD or BTC) to the cur­rent hash rate, indi­cates the dai­ly rev­enue per 1 EH/s of hash pow­er a min­er con­tributes to the network.

Miner Hash Price: (Source: Glassnode)
Min­er Hash Price: (Source: Glassnode)

The long-term trend for min­er rev­enue has gen­er­al­ly been down­ward due to increas­ing dif­fi­cul­ties for min­ers to remain prof­itable. In con­trast to this trend, since Octo­ber, there’s been a notable upsurge in hash price, push­ing the min­er rev­enue per exa­hash to one of the high­est lev­els in 2023, stand­ing at 2.53 Bit­coin or $111,000. This fig­ure is only slight­ly below the May high, dri­ven by the inscrip­tion craze.

A rolling 365-day sum of min­er rev­enues is con­sid­ered to assess the industry’s aggre­gate income. Most recent­ly, the min­er rev­enue peaked at around $50 mil­lion ( fees plus new­ly mint­ed coins.), com­fort­ably above the 365-day sim­ple mov­ing aver­age. This met­ric, com­pared with the total dai­ly USD rev­enue paid to Bit­coin min­ers, helps gauge dai­ly volatil­i­ty against the longer-term trend and informs the Puell Mul­ti­ple oscillator.

Dur­ing the ini­tial stages of bull mar­kets, it’s com­mon to wit­ness min­er rev­enue soar­ing above the 365-day mov­ing aver­age of min­ing rev­enue, a phe­nom­e­non that has already begun to materialize.

Miner Revenue vs Yearly Average: (Source: Glassnode)
Min­er Rev­enue vs Year­ly Aver­age: (Source: Glassnode)

The post Bit­coin min­er rev­enue per exa­hash spikes, near­ing year­ly high appeared first on Cryp­toSlate.

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