On Thursday, Bitcoin (BTC) network miners saw their total revenue surge to a two-month high. Notably, this uptick coincided with a remarkable day of HODLing, as miners refrained from selling their holdings for the first time in the past month.

As Bitcoin approaches its all-time high of $73,764, the decline in miner sell-offs indicates a bullish trend. This suggests that this milestone could be within reach in the near term.

Bitcoin Miners Hold Still

Yesterday, the miner revenue on the Bitcoin network totaled 552 BTC, valued above $37 million at current market prices. Per Glassnode’s data, this marked its highest since August 22 and represented a 12% surge from the 491 BTC recorded in total revenue on Wednesday.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

The recent surge in BTC miner revenue is directly linked to the sharp increase in average transaction fees on the network. Messari’s data shows that the average fee paid to process transactions on the network has climbed by 166% over the past seven days. According to the on-chain data provider, this currently stands at $5.31.

As Bitcoin network transaction fees rise, miners earn more from processing each block, contributing to the steady uptick in their overall revenue.

Interestingly, Thursday’s two-month spike in total miner revenue coincided with a notable shift in miner behavior. It marked the first day in the past month that miners chose not t

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Author: Abiodun Oladokun