Bitcoin

Bitcoin on chain analysis: miners keep accumulating

Bitcoin Magazine will look at Bitcoin (BTC) on-chain metrics relevant to miners, more specifically, miners’ earnings and the Puell multiple.

Total turnover of the BTC miners

Miners’ total revenue halves every four years, as shown by the vertical dotted lines in the graph below. It did so due to the Bitcoin halving event, which last happened in May 2020.

The source: Glass knot

A look at the index since May 2020 shows that total sales are between 950 and 1050 BTC (black line), with the exception of the sharp drop in July when the historical difficulty correction took place.

Total miners’ sales are currently at 880 BTC, just like it was in November 2020 before accelerating to an all-time high in April.

The source: Glass knot

Trader @BTC_Archive already tweet an image that shows miner’s accounts are accumulating again. This move usually occurs in the early stages of a long-term uptrend. Therefore, the fact that these accounts are piling up shows that confidence in the market is still strong.

The source: Glass knot

Puell multiple

The Puell Multiple is calculated by dividing the daily Bitcoin output value in US dollars by the 365-day MA of the daily output value. It is considered a bitcoin miner indicator because it shows low (green) and high (red) profitable zones for miners.

Values ​​between 4 and 10 (red) are often associated with market cycle highs. Conversely, values ​​between 0 and 0.5 refer to the market low.

So far, the 2021 market cycle is the only one where it hasn’t reached a value between 4 and 10. The annual high so far is 3.43, reached in March.

This indicator currently shows a value of 1.26, which was previously reached in the middle of uptrends.

Therefore, according to this indicator, BTC still has a lot of room for growth.

The source: Glass knot

You can see the bitcoin price Here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

CoinX

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

53 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

1 hour ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

2 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

5 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

5 hours ago

This website uses cookies.