Bitcoin Miners Earning $1 Million Every Hour; MRI Went ‘Nuts’ As A Big Seller Got Active

2020-12-30 19:05

During the late hours of Monday or early hours of Tuesday, a surge was witnessed in Bitcoin transaction value.

It was a few mega blocks that caused the 7-day rolling inventory to spike by $2 billion which was “unusual,” noted Charlie Morris of crypto data provider ByteTree.

Long term inventories, coins that are never “spent” by miners, also dropped by 10k BTC or $270 million at the same time, which relates to mining treasury activities.

On top of this, ByteTree's Miners' Rolling Inventory (MRI) went nuts as well, at above 1,155%.

When MRI goes above 100, it means miners are selling their Bitcoin. Over the recent weeks, this has been keeping light while the BTC price rallied strongly to a new ATH at around $28,200 on Sunday.

But the data reflected that a big seller was certainly active. Morris said,

“I normally associate miner selling with market strength in the consolidation periods, but during the ATH surges, that can flip. It just did.”

However, the MRI soon normalized and is currently at 128.2.

This slug of miner selling isn’t necessarily bearish as MRI was normalized right after and miners sell every day. Additionally, miners “tend to sell more into a strong market than a weak one as they don’t want to impact price.”

Bitcoin miners are having a great time in the current bull rally. Not only is the price of the world's largest digital asset going up, up and further up but the average transaction fees on the largest network is also above $8, a combination of which has miners currently earning $1 million per hour. Glasnode stated,

“This is an increase of 185% since the halving. The last time miner revenue was this high, was in July 2019. Note that block rewards were twice as high than today.”

Bitcoin/USD BTCUSD 28,139.8496 $1,570.20 5.58% Volume 52.83 b Change $1,570.20 Open$28,139.8496 Circulating 18.59 m Market Cap 522.99 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin Miners Earning Million Every Hour; MRI Went ‘Nuts’ As A Big Seller Got Active first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68780.58 (-0.16%)
Объем 24H $41.744b
Изменеия 24h: -0.07 %, 7d: -3.43 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1360.344b Rank 1
Цена в час новости $ 28139.65 (144.43%)

bitcoin big active nuts got seller went

bitcoin big → Результатов: 126


Big Week Ahead In Crypto with Central Banks Meeting, What’s Happening in the Bitcoin Market?

Bitcoin price spiked on Sunday to reclaim $50,000 only to be back under this level before the end of the day. On Monday, as of writing, BTC/USD is trading just above $48k. The cryptocurrency is still up more than 81% from its year low of about $27,700 in early January but down about 30% from […] The post Big Week Ahead In Crypto with Central Banks Meeting, What’s Happening in the Bitcoin Market? first appeared on BitcoinExchangeGuide.

2021-12-13 16:24


Big Day for Bitcoin Acceptance: Crypto Welcomed at Multi-Billion-Dollar Pair of Retailers

Many critics of Bitcoin often argue that its four occasionally five-figure price point is entirely unjustified based on the lack of BTC use in retail. However, over the years, plenty of companies have attempted to nurture the gradual adoption of cryptocurrency by offering to accept payment for goods and services in different digital assets.

2019-3-20 02:00


Фото:

Here’s Why Genesis Mining Might Have Just Booted You Off Their Platform

Genesis Mining is a popular cloud based Bitcoin mining platform that lets users mine for Bitcoin. Each user is placed on a contract, through which they are allocated provisions in order to be able to mine through the platform, differing platforms offer differing rewards but of course, the bigger the reward the more expensive the contract, therefore, Genesis Mining have had to make some cut backs in order to ensure that those on the big contracts still have access to the service, as a result of the collapsing value of Bitcoin.

2018-8-17 08:00


Фото:

Is Bitcoin Mining Going To Destroy The Planet?

Is mining Bitcoin worth the threat it poses our very existence? Whilst Bitcoin offers communities and society a chance to access a new technology and a form of value that is not regulated by the government, it’s production and mining does have a detrimental impact on the planet, yet, few people seem to recognise that this is the case, especially those scholars who are big on blockchain.

2018-8-10 06:00