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COINTURK NEWS > Bitcoin (BTC) > Bitcoin Price Declines as Mining Revenue Drops
Bitcoin (BTC)

Bitcoin Price Declines as Mining Revenue Drops

In Brief

  • Bitcoin price continues to decline below $65,000.

  • Miners gain more value from transaction fees.

  • Daily active addresses on Bitcoin network significantly decreased.

COINTURK NEWS
COINTURK NEWS 11 months ago
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Bitcoin (BTC) price continues to decline, and since falling below the $65,000 level, a noticeable drop in the general sentiment around BTC, the undisputed leader of the market, has been observed.

Contents
Current State of MinersBitcoin Activities Decline

Current State of Miners

There is a positive outlook in the BTC mining process. Transaction fees are becoming an increasingly significant part of miner revenues.

This increase in revenues can be attributed to the decreasing Bitcoin supply due to halving and the rising number of transactions since the beginning of the year. Following recent developments, miners are seen to gain more value from transaction fees.

This change in revenues necessitates adaptation to the evolving ecosystem. They will need to make specific plans regarding the fees, which have become their primary source of income. This will push the sector towards more innovation and efficient capital allocation.

Bitcoin Activities Decline

However, the progress based on existing activities in the Bitcoin network could pose problems for miners in the future. Analyzing data provided by Santiment, it was observed that the daily active addresses conducting transactions on the Bitcoin network have significantly decreased over the past few months.

If the declines in the network continue, it would not be wrong to state that miners’ earnings from this process could decrease. Moreover, the NFT volumes that dominated the Bitcoin network in recent months have also visibly declined.

Recently, Bitcoin relinquished its first place in NFT sales back to Ethereum. As of the time of writing, Bitcoin has fallen to third place in NFT sales, with Polygon surpassing Bitcoin in this process.

Bitcoin ecosystem’s declining interest has also led to a drop in miner revenues. In recent weeks, there has been a noticeable decline in daily miner revenues, falling from $50 million to $30 million.

If this decline in miner revenues continues, the mentioned group of miners may need to sell BTC to maintain their profitability. Consequently, a potential selling pressure on BTC could lead to further price declines.

At the time of writing, BTC was trading at $64,358, with no significant price movement observed in the last 24 hours.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 23 June, 2024 - 11:11 am 23 June, 2024 - 11:11 am
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