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

The recent BTC run has borne good news for two important parts of the Bitcoin ecosystem - investors and miners.

Data from on-chain tracking firm Glassnode shows miner revenues are back at pre-halving levels, i.e. before May 12 of this year.

Bitcoin mining is an important, but intensive, part of the asset's ecosystem.

Miners armed with multimillion rigs build out complex infrastructure to maintain the Bitcoin network and receive BTC rewards for each block they mine.

The upkeep of this requires big money, as not only does the setup itself cost thousands of dollars for a single miner, but maintenance, labor and electricity costs, and cooling the mining rigs brings up a huge bill for miners each month.

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

Low revenues mean shutting down a mining plant, which in turn means better, more well-funded players start to corner Bitcoin's hashpower.

Recent data shows miners are not facing such problems thus far.

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

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