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What is the status of the Bitcoin network activity?
Despite record-BTC prices, the activities at the chain and the Bitcoin reimbursement yields were at several years low points.
Could this be a threat to miners and network security?
Miners were not on the threat and network security remained healthy, as the emerging hashrate demonstrated.
Bitcoin [BTC] Miners now chose to hold BTC instead of selling.
Ambcrypto recently reported that September increased the Bitcoin mine work flows to Binance, so that questions were raised about sales pressure. However, this behavior has shifted and the streams on the chain have cooled.
The $ 110k $ 112k region remained a strong support zone that Bulls has to defend to keep the promise of a bullish movement beyond $ 123k and $ 140k alive.
The 11% increase in the to-flow ratio strengthened the scarcity of BTC and therefore his bullish story.
While the demand for the Activum continued, the network activity is considerably weakened. In one Post on XMessari Research Manager AJC noted that Bitcoin was almost “a ghost city”.
“Bitcoin is now on average less than $ 500k in daily turnover ($ 179 million annual base), the lowest since the arrival of ordinals and runes. When does miners start to worry?”
On the other hand, when the network activity rose in the first half of 2024, the reimbursements were more than millions of dollars every day. This reflected a strong demand for block space, a requirement that has now largely disappeared.
Assessment of the health of Bitcoin Miner
Miner income is split into the block subsidy (or block remuneration), which has been mined 3.125 BTC per block and transaction costs. A new block is mined around every 10 minutes.
The transaction costs are the sum of all reimbursements paid by users for the transaction included in the block. This is paid to the miners in BTC.
As the Checkonchain data demonstrates, the daily mining income was $ 61 million on 10 September.
Miners remained healthy because the network is not only supported by transaction costs, but also by the appreciation of BTC.
The demand for Bitcoin is not only worn by users in chains, but also by institutions and governments.
Bitcoin Treasury companies such as strategy [MSTR] have grown in popularity and number over the past two years.
ETF question also emphasized that the leading crypto was more seen as a value of value than as a settlement network.
The Bitcoin network continued to see rising hash rates, and miners were not in the imminent threat despite the falling network activity.