BTC miners are on winning spree despite a sluggish move to $30,000. Assessing…
- Bitcoin miners have been witnessing a rise in momentum in revenues
- The combination of new BTC addresses and growing ordinals inscriptions have contributed to the rising fees
Bitcoin [BTC] may need help breaking into the $30,000 zone, but there appears to be no letup in interest in the king coin. The 90-day simple moving average of miners’ fees may shed light on the state of the market.
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BTC miners striking gold
While some may find BTC’s progress towards the anticipated $30,000 region sluggish, miners have little to complain about. The gradual ascent and mounting expectations have proven to be a boon for them, as many new users are entering the market.
Glassnode’s data sheds light on the miners’ fee revenue momentum and its correlation with the surging market. The metric revealed that the 90-day simple moving average (SMA) had surpassed the yearly SMA.
As of this writing, the 90-day SMA stood at over 2%, while the miners’ revenue had experienced a 3.5% growth. The boost in these metrics signified an increase in transaction settlement fees, reflecting the mounting demand for BTC.
New BTC address hit record-high
Additionally, there has been a notable surge in new addresses joining the Bitcoin network. A glance at the new address metric on Glassnode confirmed this upward trend. As of this writing, the new addresses had exceeded 491,000, marking the highest count in over seven months.
Miner loving the new Bitcoin Ordinals
Apart from the influx of new users, the rising popularity of Bitcoin Ordinals may significantly impact the growth of miners’ revenue. According to data from Dune Analytics, the total inscriptions had surged past 930,000, with over 70,000 daily inscriptions. Furthermore, the fees associated with these inscriptions had also surpassed $4.5 million.
According to Dune Analytics, the surge in inscriptions led to an increase in the number of blocks being mined. This suggested a rise in the number of transactions and blocks that require settlement and creation by miners. Although Ordinals remain a polarizing development on the Bitcoin network, it has benefited miners thus far.
– Read Bitcoin’s [BTC] Price Prediction 2023-24
At the time of writing, Bitcoin was trading at approximately $28,170, experiencing a minor loss of less than 1%.