{"id":344716,"date":"2023-09-19T16:00:56","date_gmt":"2023-09-19T10:30:56","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=344716"},"modified":"2023-09-19T12:47:35","modified_gmt":"2023-09-19T07:17:35","slug":"will-miners-confidence-in-bitcoin-finally-pay-off","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-miners-confidence-in-bitcoin-finally-pay-off\/","title":{"rendered":"Will miners&#8217; confidence in Bitcoin finally pay off?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Apart from hashrate, Bitcoin miners\u2019 revenue also rose in the recent past.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC was up by more than 4% over the last week, along with an increase in volume.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] mining industry registered a massive movement that brought it into the limelight once again. Notably, the blockchain\u2019s hashrate saw the kind of spike never seen before in a single day.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the<\/span> <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Typically, a hike in hashrate means that more miners are entering the network. However, will this influx be enough for the king of cryptos to kickstart its next bull rally?<\/span><\/p>\n<h4><b>A closer look at Bitcoin\u2019s mining sector<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">James V. Straten, a popular researcher and data analyst, posted a tweet on 18 September that pointed out an interesting development.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The best way to observe the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> hash rate is at least a 7\/14 SMA.<\/p>\n<p>But we saw a god candle on Friday with a hash rate, that took it to over 500eh\/s, the prior day, it was at 400 eh\/s. <\/p>\n<p>Single biggest one-day hash rate, the network has ever seen. <\/p>\n<p>As a result, the\u2026 <a href=\"https:\/\/t.co\/71C0tgKmK1\">pic.twitter.com\/71C0tgKmK1<\/a><\/p>\n<p>&mdash; James Van Straten (@btcjvs) <a href=\"https:\/\/twitter.com\/btcjvs\/status\/1703776041506873593?ref_src=twsrc%5Etfw\">September 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As per the tweet, a god candle last Friday pushed BTC\u2019s hashrate to over 500 Eh\/s from 400 Eh\/s in just a single day. This was a tremendous jump, reflecting an inflow of new miners into the industry.<\/span><\/p>\n<figure id=\"attachment_344717\" aria-describedby=\"caption-attachment-344717\" style=\"width: 1242px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Coinwarz-BTC-1.jpg\"><img decoding=\"async\" class=\"wp-image-344717 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Coinwarz-BTC-1.jpg\" alt=\"\" width=\"1242\" height=\"466\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Coinwarz-BTC-1.jpg 1242w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Coinwarz-BTC-1-300x113.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Coinwarz-BTC-1-1024x384.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Coinwarz-BTC-1-768x288.jpg 768w\" sizes=\"(max-width: 1242px) 100vw, 1242px\" \/><\/a><figcaption id=\"caption-attachment-344717\" class=\"wp-caption-text\">Source: Coinwarz<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Even though BTC\u2019s hashrate had declined slightly, it was still relatively high at press time, standing at over 388 Eh\/s. However, i<\/span><span style=\"font-weight: 400;\">t was intriguing to note that, as per<\/span> <a href=\"https:\/\/www.coinwarz.com\/mining\/bitcoin\/difficulty-chart#:~:text=Current%20Bitcoin%20Difficulty,in%20the%20last%2024%20hours.&amp;text=The%20Bitcoin%20difficulty%20chart%20plots%20the%20Bitcoin%20difficulty%20target%20over,difficulty%20(BTC%20diff)%20target.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Coinwarz<\/span><\/a><span style=\"font-weight: 400;\">, despite the substantial surge in the blockchain\u2019s hashrate, its mining difficulty chart remained flat at 54.15 T.\u00a0<\/span><\/p>\n<h4><b>Why is miners\u2019 interest in Bitcoin growing?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-investors-can-look-out-for-this-bullish-signal\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s mining sector\u2019s strength rises, it\u2019s also crucial to examine why miners are entering the industry. Though there might be multiple variables at play, one likely factor is that they are expecting higher profit margins. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, a look at Glassnode\u2019s data revealed that this might actually be the case. Notably, over the last few months, miners\u2019 revenue took a sideways path, which could somewhat be attributed to the bearish market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the trend changed in the last few days. As per the latest data, BTC\u2019s miners\u2019 revenue started to gain upward momentum since the beginning of this month and registered a promising spike on 15 September. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, this happened on the same day when the blockchain\u2019s hashrate surged.<\/span><\/p>\n<figure id=\"attachment_344718\" aria-describedby=\"caption-attachment-344718\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1.png\"><img decoding=\"async\" class=\"wp-image-344718 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-344718\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4><b>Miners have faith in BTC<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A look at Bitcoin\u2019s mining metrics suggested that the miners&#8217; faith in BTC was also showing positive signs. However, the metrics were not evident right off the bat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, Glassnode&#8217;s<\/span> <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Miners&amp;m=distribution.BalanceMinersChange&amp;s=1687324009&amp;u=1695100009&amp;zoom=90\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BTC\u2019s miner net position change turned red. This indicated that miners were selling their holdings. However, upon closer inspection, a different side of the story was revealed. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per<\/span> <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoQuant<\/span><\/a><span style=\"font-weight: 400;\">, BTC\u2019s Miners\u2019 Position Index (MPI) and Puell multiple remained in a neutral state, meaning that selling pressure on BTC from miners was moderate at press time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, after a sharp dip on 2 September, the miners\u2019 balance ascended once again. This suggested that they were once again holding their assets, reflecting miners&#8217; confidence in BTC&#8217;s bull rally.<\/span><\/p>\n<figure id=\"attachment_344719\" aria-describedby=\"caption-attachment-344719\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners.png\"><img decoding=\"async\" class=\"wp-image-344719 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-344719\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4><b>Will miners\u2019 confidence be enough for Bitcoin?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Miners\u2019 trust in BTC might have already started to show its effect in reality, as BTC\u2019s price chart turned green. In fact, after quite some time, the king of cryptos was able to cross $26,000 and even touched $27,000 for a short while. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, Bitcoin was up by more than 4% in the last seven days. At the time of writing, it was trading at $26,826.77 with a market capitalization of over $522 billion. The good news was that BTC\u2019s 24-hour trading volume also surged by nearly 100% in the last 24 hours.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In fact, a check of BTC\u2019s daily chart gave more reasons to rejoice, as most market indicators were bullish. For example, the MACD\u2019s data clearly showed that the buyers were leading the market. Bitcoin\u2019s Relative Strength Index (RSI) was resting above the neutral mark of 50. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, <\/span><a href=\"http:\/\/ambcrypto.com\/heres-what-bitcoins-diamond-hands-are-up-to-in-the-short-term\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s Chaikin Money Flow (CMF) also registered an uptick. Considering all these market indicators coupled with miners\u2019 confidence, a continued northbound price movement seemed likely in the coming days.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<figure id=\"attachment_344720\" aria-describedby=\"caption-attachment-344720\" style=\"width: 1814px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-19_11-30-02.png\"><img decoding=\"async\" class=\"wp-image-344720 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-19_11-30-02.png\" alt=\"\" width=\"1814\" height=\"769\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-19_11-30-02.png 1814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-19_11-30-02-300x127.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-19_11-30-02-1024x434.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-19_11-30-02-768x326.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-19_11-30-02-1536x651.png 1536w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/><\/a><figcaption id=\"caption-attachment-344720\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s hashrate registered an unusual uptick last week, which was accompanied by a price uptrend. Now, indicators remain bullish, suggesting that the trend will continue.<\/p>\n","protected":false},"author":75,"featured_media":344721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-344716","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will miners&#039; confidence in Bitcoin finally pay off? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin\u2019s [BTC] mining industry registered a massive movement that brought it into the limelight once again.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/will-miners-confidence-in-bitcoin-finally-pay-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will miners&#039; confidence in Bitcoin finally pay off? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s hashrate registered an unusual uptick last week, which was accompanied by a price uptrend. 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