Key on-chain metrics such as Bitcoin mining revenues have returned to pre-halving levels according to recent research.
Data from analytics provider, Glassnode, suggests that revenue from Bitcoin mining is now back at the same levels it was as when block rewards were double what they are now.
When the halving took place in mid-May, BTC prices were around $9,000. On November 18 they had doubled to $18,000 which suggests a correlation as miners need to sell enough of the asset to cover their expenses while remaining in profit. Higher prices mean greater profits.
#Bitcoin miner revenue is back at pre-halving levels.
— glassnode (@glassnode) November 18, 2020
Blockchain.com, which tracks the total value of coinbase block rewards and transaction fees paid to miners confirms the findings.
The daily revenue figure, which includes block rewards and transaction fees, for Nov. 18 was $21.2 million, its highest for a year. The previous peak was on May 6 when