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According to the latest report from on-chain data provider Glassnode, Bitcoin (BTC) mining revenue has spiked by 57%, reclaiming mid-2020 levels.
After the anti-crypto mining campaign by the Chinese government some months ago, which displaced a significant percentage of global miners, mining levels dropped significantly. In May, Bitcoin mining power peaked at 180 EH/s before falling by more than 50% following the Chinese government action.
Currently, the network hashrate has risen by 25% since the crash in May and stands at 112.5 EH/s.
Meanwhile, miners also recorded a spike in revenue because of the recent drop in network difficulty. After the Chinese government restricted mining activities across its jurisdiction, network difficulty dropped significantly, triggering a massive increase in profitability for mining pools in the US and EU.
Since the last BTC halving in May 2020, miners’ revenue has dropped continuously from 9.5 BTC per EH to 5.6 BTC per EH. However, over the past two months, the net balance position of mining accounts has grown to +5,000 BTC per month. This development indicates a significant reduction in selling pressure around Bitcoin, which recently controlled the market.
Key Bitcoin Levels to Watch — August 17
As projected in our previous analysis, BTC had posted a steady correction towards the $45,000 axis to ease out of the overbought standings. That said, the price is ripe for a healthy rebound towards the $48,300 resistance in the near term as trading conditions return to neutral levels.
However, the crucial point to break for bulls is the $46,600 level, which has acted as a strong ceiling for BTC over the past hours. Nonetheless, our trading bias remains bullish, as long as Bitcoin sustains above $45,000.
Meanwhile, our resistance levels are at $47,000, $48,300, and $49,500, and our key support levels are at $45,000, $44,000, and $43,000.
Total Market Capitalization: $1.99 trillion
Bitcoin Market Capitalization: $868.1 billion
Bitcoin Dominance: 43.6%
Market Rank: #1
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