Market
Bitcoin (BTC) Miners See Decline in Monthly Revenue
Bitcoin (BTC) miners experienced a significant downturn in August, with their monthly revenue plunging to the lowest point since the beginning of the year.
This was due to the steady drop in transaction volume on the Layer 1 (L1) network and the drop in miner rewards after the halving event.
Bitcoin Miners Face Hard Times
The decline in miner revenue on the Bitcoin network was driven by a decrease in user activity on the L1 in August, compounded by the halving event in April, which reduced miner rewards.
BTC miners earn revenue primarily from block rewards and transaction fees. Block rewards consist of a fixed amount of newly minted BTC awarded to the miner who successfully adds a new block to the blockchain.
Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024
This block reward is halved approximately every four years in an event known as the “halving.” The last halving event occurred on April 19, reducing miner rewards from 6.25 BTC to 3.125 BTC.
Transaction fees, on the other hand, are fees paid by users to have their transactions included in a block. Artemis’ data shows that the number of unique addresses that completed at least one transaction on the blockchain in August totaled 421,220, falling by 10%.
Due to the fall in network users, total fees recorded also plummeted. According to the on-chain data provider, fees fell by 26%.
During the 31 days, miner monthly revenue totaled $827 million, representing an 11% drop from July’s $927 million.
For context, in January, BTC miners recorded over $1.9 billion in monthly revenue and mined 28,512 coins. This represented a 56% dip in monthly miner revenue during the eight months.
According to Bitbo, BTC miners mined 13,843 coins valued slightly above $800 million at current market prices in August. This marked a 6% drop from the 14,725 BTC mined in July.
BTC Price Prediction: Coin Eyes $54,847
At press time, BTC exchanges hands at $57,808, its lowest price level in two weeks. The coin recently broke below the support level of its descending triangle, which it had traded within since August 26, and is now poised to witness a further decline.
This pattern appears when an asset’s price forms a series of lower highs and a horizontal support level. It confirms that the bearish trend will continue once the price breaks below the horizontal support level.
If the coin retests the support level and fails, flipping it into resistance, the downtrend will continue. This may cause BTC’s price to fall to $54,847.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
However, if the retest succeeds, BTC will break above the support level and rally toward $61,388.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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