Glassnode: Net growth in miner balances has now reached +5,000 Bitcoins per month

On August 19, according to the latest analysis from Glassnode, miners’ net balance positions continued to increase over the past two months.

The net increase in miner balances has now reached +5,000 BTC/month, indicating a net reduction in forced selling pressure from miners.

Since the Bitcoin block reward halving in May 2020, miner revenue has fallen from about 9.5 Bitcoin/EH to a low of 5.6 Bitcoin/EH in May this year.

With the adjustment of mining difficulty caused by the previous large-scale migration of miners, the miners who remain online now have a 57% increase in Bitcoin revenue per unit computing power, reaching approximately 8.8 Bitcoins/EH.

In addition, the realized market value began to trend upward in late July and reached a record high of $379 billion. Given the continued rebound in spot prices, this shows that new capital is flowing into Bitcoin and the market is able to absorb seller pressure.