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05 December 2020

Bitcoin (BTC) pump to $18k pushes miner revenues to pre-halving levels

Bitcoin (BTC) pump to $18k pushes miner revenues to pre-halving levels


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Miners armed with multimillion rigs build out complex infrastructure to maintain the Bitcoin network and receive BTC rewards for each block they mine (requiring millions of mathematical calculations each second).

Such reasons are why Bitcoin rewards, and the asset’s price, are important for miners.

Interestingly, Bitcoin’s price charts show a correlation between miner revenues and sudden drops in the asset’s price

Revenues reaching their peaks in March and May were met with a price drop in Bitcoin shortly afterward, as the below graph shows:

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Cryptoslate.com
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