The latest disclosure by CryptoQuant analyst Axel Adler Jr provides key insights into the cryptocurrency market. Currently, the daily income of Bitcoin miners is approximately 50 million US dollars. Although this figure is considerable, it still has a certain gap compared to the historical peak of 80 million US dollars.
The income of Bitcoin miners mainly comes from two aspects: One is the Bitcoin rewarded by the system by successfully creating new blocks by solving complex mathematical problems; The second is to charge users the transaction fees they pay when conducting transactions on the Bitcoin network. The fact that miners can achieve a daily income of 50 million US dollars at present reflects from the side that the activity of the Bitcoin network is at a relatively high level. A large number of transactions occur in the network, enabling miners to obtain considerable transaction fee income. Meanwhile, new blocks are constantly being mined, allowing miners to receive system rewards. The two together constitute the current revenue volume.
Compared with the historical peak of 80 million US dollars, it means that although online activities are active, they have not yet reached the peak state. From the perspective of past market cycles, when the price of Bitcoin rises sharply and the market heat reaches an unprecedented high, a large number of investors flood into the market for trading. The Bitcoin network becomes congested, transaction fees soar, and new miners also join the mining ranks one after another, which significantly increases the income of miners. For instance, in March 2024, the price of Bitcoin continued to trade at record levels. On March 7th, the daily income of Bitcoin miners reached 78.6 million US dollars, approaching the historical peak. At that time, the strong performance of Bitcoin’s price attracted a huge number of transactions, driving a significant increase in transaction fees and thereby significantly boosting the income of miners.
However, the current historical peak has not been reached, which might be caused by multiple factors. On the one hand, although the price of Bitcoin has also performed well recently and the inflow of spot ETFs has provided support to the market, it may not have yet sparked a full-scale market frenzy. The trading activity has not yet reached its peak, resulting in the fee income not reaching the historical highest level. On the other hand, the mining difficulty is also dynamically adjusted. If the mining difficulty is high, under the same computing power, the speed at which miners mine new blocks will slow down, and the system’s reward income will also be affected accordingly.
However, miners have already earned considerable income at present and there is still room for further growth. With the continuous development of the Bitcoin market, if the price continues to rise, attracting more investors to enter the market for trading, the online trading activity will increase, and the transaction fees are expected to rise further. Meanwhile, if more computing power joins the mining ranks, and the mining difficulty does not increase excessively, the number of new blocks mined by miners may increase, and the system’s reward income will also rise accordingly. This data disclosure by CryptoQuant analyst Axel Adler Jr provides important references for investors and market participants, helping them better assess the current situation and future development trends of the Bitcoin market.
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