Bitcoin (BTC) miners have recorded a significant increase in their overall income over the last few weeks, as block rewards surge. According to recent data from analytics provider Glassnode, BTC mining revenues climbed above $40 million per day in October, a massive +275% increase from the pre-halving days.
BTC mining revenue witnessed a positive turn since the halving event in May 2020. This event remains one of the primary factors behind the Bitcoin 2020 – 2021 bull run. That said, BTC has grown by over 500% since May 2020.
Despite taking a massive hit from the China crypto mining ban, which saw the Bitcoin hash rate fall by over 50%, the mining rate has recorded a healthy recovery in August and September. Currently, the mining rate is close to its highest point in BTC history. Glassnode highlighted that:
“Remember, Bitcoin miners have CAPEX (hardware, facilities, logistics) and OPEX (power, personnel, maintenance, etc.) costs that are denominated in fiat currencies. Comparing the current aggregate mining income of $40M per day to revenues observed around the 2020 halving event, we can see that miner revenues are up 275% from the pre-halving period of $14M to $18M/day and +630% compared to the post-halving period of $6M to $8M/day.”
Key Bitcoin Levels to Watch — October 5
BTC has finally resurfaced above the highly-anticipated $50,000 mark and could make its way to the $51,000 – $52,000 region over the coming days. This projection becomes more plausible when we include the looming formation of a bullish golden cross on our 4-hour chart.
That said, we could record a bullish weakness near $51,000 as short-term traders take profits and BTC eases out of overbought conditions On larger timeframes. In the event of a correction from the current price, we expect the $48,000 support to repel subsequent declines and propel the price higher.
Meanwhile, our resistance levels are at $50,500, $51,400, and $52,500, and our key support levels are at $49,500, $48,500, and $48,000.
Total Market Capitalization: $2.20 trillion
Bitcoin Market Capitalization: $944.2 billion
Bitcoin Dominance: 43.1%
Market Rank: #1
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