Oddbean new post about login | logout Hashrate recovery reduces Bitcoin miners’ selling pressure in July. Miner revenues soar 50%, pushing Bitcoin hashrate higher and reducing selling pressure from miners’ reserves. https://yakihonne.s3.ap-east-1.amazonaws.com/89f93336152fbe149c10445b7e780339e16f9ed7ceeb1596414c65c2779b7582/files/1722478037099-YAKIHONNES3.webp *Miners’ daily revenue. Source: CryptoQuant*
The reduction in selling pressure is evident in the outflows from miners, which have remained generally lower than earlier in the year. Daily miner outflows during July ranged between $5,000 and $10,000, compared to higher outflows when Bitcoin first reached the $70,000 mark.
