Monday Mining Metrics: BTC Eclipses $40,000
Bitcoin Mining Update - 12/04/2023
Bitcoin Surges Past $40,000
Bitcoin has reached $40,000 for the first time since April 2022. In the wake of this bullish price action, miner revenue has received a boost as well, with hash price reaching $0.08.
All signs still point to a 2024 bull market that will surpass all expectations.
Multiple spot ETFs are due for approval, a record level of supply is being held by long-term Bitcoin holders, 2024 rate cuts are in the cards, and the US fiscal situation is screaming “debasement of the US dollar.”
High Transaction Fees Show Know Signs of Relenting
The elevated transaction fees that have dominated the narrative over the past month are persisting; the 30-day moving average of miner revenue from fees is at 12%.
At the time of writing, low-priority transactions require a fee of 100 sat/vByte.
Increased revenue from transaction fees is an extreme net positive for Bitcoin miners, and, alongside the rising BTC price, is the culprit for the persistent increase in mining difficulty over the past couple of months.
Riot Platforms To Purchase 18 EH/s of Additional Capacity
Riot has exercised an option to purchase an additional 66,000 new-generation MicroBT ASICs, adding 18 EH/s to their fleet.
Public mining companies slamming their foot on the gas in the face of the 2024 halving is a bold demonstration of their bullishness.
Those deepest in the trenches of Bitcoin and Bitcoin mining recognize the importance of increasing your capital allocation at this time in the market.
ASICs remain low-priced, which will not be the case during the coming bull market.
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