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.
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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