BTC price has struggled for nearly a month, but Bitcoin miners revenue is up, calling into question the logic of short sellers betting against mining stocks.
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Driven by heightened demand for Bitcoin (BTC) block space, fueled by Ordinals inscriptions and the PEPE-fueled BRC-20 memecoin mania, miners have become direct beneficiaries of a sudden boom in transaction fees, increasing their bottom lines.
This surge has resulted in an unprecedented increase in the average number of transactions, and consequently revenue per BTC block mined.
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Data from a recent Glassnode report sheds light on the revenue increase for miners in May, as they raked in a total of 12.9 BTC in mining rewards per block, with fee revenue surpassing subsidies
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