Crypto Bull Run Set Up? BTC Miners 30 Day Avg Revenue Jumps
Crypto Bull Run News: Bitcoin (BTC), the world’s biggest cryptocurrency managed to regain the much anticipated $30k price level in the second week of April leading altcoins to rally. The recent BTC price surge comes as a relief for the Bitcoin mining firms as their 30-day average mining revenue breached the highest returns since June 2022.
Also Read: Ripple Facing Trouble Over Its New Project Due To XRP Lawsuit?
Bitcoin Miners Revenue Jumps
According to reports, the 30 days average mining revenue stood at $27.34 million a day attaining the highest level since June 2022.
Blockchain.com data depicts that on June 1, 2022, Bitcoin was trading around an average of $31K, while miners’ revenue stood around $27 million. However, On April 17, 2023, Miners’ revenue was recorded to stand at around $29.78 million while the Bitcoin price closed trading at $30.3K.
BTC miners saw some tough times as their revenues declined to stand between $15 million to $21 million in the 3rd and 4th quarters of 2022. However, it is still miles away from its peak of $70.63 million in revenue recorded on May 2, 2021. Read More Bitcoin News Here…
Bitcoin price has surged by 79% on the basis of year to date (YTD). This has marked a big recovery from the lows registered in 2022. BTC is trading at an average price of $29,789, at the press time. Its 24 hour trading volume is up by 12% to stand at around $17 billion.
Reuters reported that Bitcoin Mining Services firm Luxor analyst, Jaran Mellerud stated that many of the public miners were on the brink of bankruptcy. However, the recent price jump has allowed these miners to improve their cash flows. However, this suggests that a Crypto Bull Run might be near.
Also Read: This On-Chain Bitcoin Indicator Hints Huge Bullish Potential, Is Bear Market Over?
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