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G a a h 2 minutes reading from Bitcoin

Miners' Revenue: Hashrate Breaking Historical Record

The miners' revenue can be measured using the Puell Multiple indicator, as the calculation is based on the USD value of the coins mined daily divided by the 365-day moving average.

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Miners are the only entity that requires a constant electricity cost to continue providing computing power to the Bitcoin network.

Thus price is very important and market cycles directly affect the mining industry.πŸ“‰πŸ“ˆ


The estimated 1 year average revenue over the short term is the lowest in 3 years, while the network difficulty is higher as a result of the increase in Hashrate over the same period. πŸ”₯


If the difficulty continues to rise we may see miners stopping their activity because they cannot bear the cost of electricity relative to their revenue at the current Bitcoin price, thus new Capitulation events happening. πŸ”΄πŸ“‰


This could be an indication of an undervalued price and has occurred during past bear markets.

Below the 1.00 value the Puell Multiple indicator has signaled good buying regions. βœ…πŸ“ˆ



Connected to my latest on-chain Analysis, yes, new Capitulation events can happen by miners.

Below is the thread about Hashrate breaking historical record and consequently raising the difficulty of the Bitcoin network.

G a a h on Twitter

Also read on @cryptoquant_com

at Quicktake:

Pressure on miners' revenue can be a positive thingπŸ€”

This post is based on this twitter thread.


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