Bitcoin miners are experiencing relief as hashprice hits $62 PH/s, the highest level since mid-December, due to rising transaction fees and an increase in bitcoin prices, which have surged over $100,000. This increase follows a decline in mining revenue below the 365-simple moving average for a significant portion of 2024, but since November, revenues have reclaimed this average, indicating a bullish trend for miners. SteelBitcoin's upcoming halving in April 2024 previously caused hashprice to drop from around $115 PH/s. The increase in miner fees, influenced by network activity, has also contributed to miner profitability, incentivizing them to ramp up operations. Industry experts note that miners are currently in a healthier position compared to last year, as evidenced by their growing holdings and the recent recovery in the hash price.

Source 🔗