Bitcoin’s Hashrate Rises as Price Stays Above $50K, Mining Fees Drop
Bitcoin Hashrate Increases: What Does This Mean for Miner Fees?
The hashrate of the Bitcoin network has increased, and BTC maintains a trend above $50,000. Current data show that the rise in Bitcoin prices has significantly affected both network difficulty and hashrate. But how do these changes influence the miners’ earnings?
Bitcoin Difficulty Increases
An examination of the Bitcoin hashrate shows an increase that coincides with the recent price surge. At the time of publication, data from Glassnode indicates that the hashrate is over 610 trillion. Although this is not the highest recorded hashrate, it is among the peak values observed in recent months.
The increased hashrate has also contributed to increased network difficulty. An analysis of the difficulty chart shows a significant rise in recent days, reaching the highest level in months.
Bitcoin Miner Fee Drops to Yearly Low
While the network difficulty and Bitcoin’s hashrate recorded an increase, the miner fee did not show a corresponding upward trend. An analysis of miner revenues shows a recent decline. The month began with over 5%, the fee temporarily rose to over 15%. At the time of publication, however, the fee has dropped to around 3%, representing the lowest level of the year.
It is worth noting that this current fee is not the lowest observed in recent months – a range of 1.6% was recorded between July and October 2023.
BTC Holds a Trend Above $50,000
The price trend of Bitcoin, analyzed on a daily timeframe, showed a decline of nearly 1% on February 17th. Despite this decline, it remained above $50,000 for the fifth consecutive day. At the time of publication, it was around $51,800, with an increase of less than 1%.
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The short-term moving average (yellow line) acted as a support level at $44,300. This suggests that the price is likely to remain above the yellow line in the event of a decline.
The bullish trend was also evident in the Relative Strength Index (RSI), which was slightly below 80 at the time of publication, indicating a robust bull trend. To see an increase in the miner fee, additional network activity in conjunction with these other metrics would be required.
Source: Glassnode, Trading View
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $97,095.00 |
| 24h % | 1.52 % |
| 7d % | -4.00 % |
| 30d % | -0.25 % |
| 60d % | 45.24 % |
| 1y % | 119.60 % |
| Market Cap | $1,925,479,614,075.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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